The government of Australia expects anyone who earns money to file an annual tax return. For most people this is a stressful experience and most people miss deadlines. Tax returns also affect businesses and there is a deadline set by the ATO. If you have a business in Australia, you should consider October 31, as this is the deadline for filing tax returns. This deadline applies to individuals, partnerships, and people with trust income. In case the date falls on a public holiday or weekend, it will be moved to the next working day.
There are cases where an extension of the deadline may be necessary. In the event that you need an extension, you should try to contact the ATO before the expiration date. If you are lucky enough to get the requested extension, you will not be penalized for late submission. The October 31 deadline is for previous fiscal years, ending June 30 th. At Accurate Business & Accounting Services, we make it easier and faster for you to submit your returns on time. We have a great team of experienced and registered tax advisers to assist with the process.
Use a tax agent for an extended deadline
For most businesses, the corporate tax return date has been extended to May 15, but for some this may be current. Therefore, contact the tax agent to check the renewal date for your business.
Companies in Australia have a lot to do to keep the business going. As such, you may not have time to complete the tax return before the specified tax date. The best option is to hire a tax agent to file the tax return. These are professional experts who ensure that the declaration is submitted on time. However, if there are circumstances that force you to file the tax return late, you may be given an extended deadline when you engage an accountant or tax agent. The extension of the deadline varies depending on the specific circumstances.
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Keep in mind that you can only enjoy the tax term extension if you hire an accountant or tax agent before the October 31st deadline. If you still have open tax returns, you are not eligible for an extension. Every business owner must take note of all critical tax terms to ensure a smooth flow of business in Australia. Hiring an accountant is the best way to keep track of this data and never miss a deadline.
Consequences of missing the tax return deadline
There are a number of reasons why you can miss the declaration deadline and this has unpleasant consequences. Ideally, you will be liable for a late filing penalty of $ 180 for the first 28 days and this penalty will increase by $ 180 after every 28 days up to a maximum penalty of $ 900. lead to extreme measures, including prosecution.
However, you may be exempted from the late filing penalty when you contact the ATO with a verifiable reason for the deadline being exceeded. Unfortunately, if you have outstanding tax liabilities from previous years, you can’t get a waiver of the fines. It is best to ensure that the tax return is filed on time to avoid such complications.
Submit tax returns on time
Numbers Pro has a great team of tax experts. We are experienced and ensure that your tax return is filed on time and accurately. Our accountants help you keep track of the ATO data and as such you have nothing to worry about at the end of a financial year. Contact us for more information and to get professional tax services.