Last week we sent out letters to all of our clients about the due dates of their tax returns. For those who don’t lodge through a tax agent, most individual returns are due on October 31st. For our clients, the extension is generally May 15th of the following year provided that you lodged on time the year before.
I can never quite figure out why people put off sending their tax documents to us. Renae saw a client this week who compared doing their tax return to visiting the dentist! In all seriousness though, there is really no benefit in delaying the preparation of your tax return. If you are worried you are going to have to pay, by preparing your return you will find out the true outcome and be able to plan for this. If you are expecting a refund, why not have your money in your bank account rather than the ATO’s?
The ATO are increasingly strict on those who choose to lodge their returns late. There can be late lodgement penalties charged and interest on any amounts owed to the ATO. On the flipside, the ATO have also shown a generous acceptance to offers of payment plans from clients where a debt exists. We seen many clients every year who are more than 5 years behind. If this is you or you know someone this applies to, we’d be happy to help. Our hand holding service approach means that we will deal with the ATO completely on your behalf.
If you would like a checklist of information needed to complete your return, please comment below or email info@iqaccountants.com.au and we’ll be happy to provide this to assist you.
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