30 June is a date most of us associate with the end of the financial year and the beginning of tax return season. But what’s less clear, are the deadlines for completing your tax return. This date can be different depending on whether you’re a business or an individual, as well as a range of other determining factors.
When is the tax return deadline?
Your tax return for July - 30 June each year must be lodged by 31 October. For example, this year, your return for the period 1 July 2019 to 30 June 2020 must be lodged by Saturday 31 October 2020.
However, if you use ITP Qld for this year’s return, we can extend your deadline until mid-May next year. That’s an extra six months - a pretty big reprieve! We are able to lodge a return on your behalf after the standard deadline through a dedicated facility with the ATO, however, the only catch is that you need to be registered with us before the 31st October to take advantage of this.
So, if you need additional time to get your affairs in order, or you’re unable to lodge on time for any reason, you should consider booking an appointment with your local ITP office. We can help you access this extension.
The only exception to this rule is if you have tax payable in excess of $20,000 in the previous financial year. In this case your new deadline becomes a bit earlier - on 31 March.
Why do you need to lodge on time?
The ATO sets a deadline for tax returns to ensure all taxpayer money is processed in a timely manner. But it also helps make sure that you promptly receive any refund you may be entitled to.
In saying this, there are many reasons you might be late to lodge a return. You were travelling overseas, you were very ill, or even you simply forgot. But wherever possible, it’s important to lodge your tax return on time. Why? Because if you don’t, you could be hit with a Failure to Lodge (FTL) penalty.
The penalties for FTL are based on how late your return actually is. Put simply, you’ll receive a $210 penalty for every 28 days your return is late. So if you lodge your return 100 days after it was due, you’ll be up for $840.
If you've missed the deadline, it is recommended you make an appointment with a tax specialist to lodge your return anyway - it's better to lodge late than not at all!
How can ITP help?
If you’re looking for assistance lodging your tax return, if you’ve failed to file your return in previous years, or have any questions when it comes to the ATO’s tax deadlines, ITP Qld is here to help. Contact one of our friendly tax professionals and we’ll help make sure you get your return filed at the right time.