Missing the Submission Deadline

Missing the tax return submission deadline can cause you stress and uncertainty but you do have options and you’re certainly not alone. In Australia, there are avenues available to help you complete and submit your tax return, even if you’ve missed the annual cutoff date. This guide will walk you through the options you can explore to ensure you meet your tax obligations and avoid any hefty penalties from the ATO.

Tax Deadlines in Australia

Before you panic about missing a tax deadline, it’s useful to double check the cut off dates. There are different dates for different types of tax filings. Here are some general deadlines to keep in mind:

Individual Tax Returns (Non-Business)

If you’re lodging your own tax return without the assistance of a tax agent, the deadline is usually October 31st of the following year. For example, for the income earned during the financial year 2021-2022, the deadline to lodge the return is October 31, 2022.

Individual Tax Returns (Lodged through a Tax Agent)

Tax agents usually have extensions to lodge returns for their clients. The deadlines can vary but generally extend beyond the standard October 31 deadline. Consult with your tax agent to know the specific deadline for your case.

Business Activity Statements (BAS)

The deadline for lodging and paying your BAS can vary depending on your reporting frequency. For most businesses on a quarterly reporting cycle:

Fringe Benefits Tax (FBT) Returns

  1. July to September: October 28
  2. October to December: February 28
  3. January to March: April 28
  4. April to June: July 28

Company Tax Returns

The deadline for lodging FBT returns is typically May 21st.

Superannuation Fund Annual Returns

The deadline for company tax returns can vary, but it’s usually around the end of February or early March following the financial year.

Engage a Registered Tax Agent for Expert Guidance

The deadline for self-managed superannuation funds (SMSFs) to lodge their annual returns is typically February 28th.

Unlock the Benefits of a Registered Tax Agent:

When faced with the challenge of missing the tax return submission deadline, a strategic and dependable course of action is to collaborate with a registered tax agent. These skilled professionals possess the official authorisation from the Australian Taxation Office (ATO) to provide comprehensive tax advice and guidance. Engaging a registered tax agent can be your beacon of light, guiding you through the labyrinth of late tax returns and ensuring strict adherence to tax regulations.

Essential Points for Consideration:

The advantages of partnering with a registered tax agent are multifold and extend beyond simple compliance. These professionals are fully versed in the intricacies of Australian tax laws, equipped with the knowledge to optimise your tax reporting accuracy. They will diligently identify eligible deductions, meticulously manage complex paperwork, and orchestrate the submission of your overdue return with a surgeon’s precision.

Request a Deferral from the ATO for Delayed Tax Submission

In the event that your circumstances align with specific conditions, you have the opportunity to pursue a deferral for the tax return submission deadline. The Australian Taxation Office (ATO) exercises a case-by-case assessment of deferral requests, particularly when grounded in legitimate justifications such as health complications, natural disasters, or personal setbacks.

Navigate the Deferral Request Process with Precision:

When embarking on the path of requesting a deferral, adhering to a strategic approach is crucial to your success. Initiate contact with the ATO, furnishing a comprehensive account of your circumstances. If warranted, provide supporting documentation that corroborates your reasons for the delay. The ATO’s meticulous review will culminate in an extension grant if your justifications align with their criteria.

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