Miss the tax return deadline? The two ways you can get out of a fine for failing to send off your paperwork on time

  • Australian cut-off date for tax returns is on October 31 but their are still options 
  • Australians who missed October 31 deadline to lodge return have two options 
  • Substantial fines apply for every month people fail to lodge return after deadline 

By Adam Mccleery For Daily Mail Australia

Published: 20:17 EDT, 31 October 2018 | Updated: 20:21 EDT, 31 October 2018

With the deadline for Australians to lodge their 2017/18 tax returns now passed, there are still two ways that tax payers can avoid a large fine.

Taxpayers have from July 1 to October 31 each year to lodge their returns, but if they miss that deadline they can be fined $210 for every four weeks they are overdue. 

The simplest way to still lodge your tax return is if you registered with a tax agent prior to the October 31 cut-off. 

With the deadline for Australians to lodge their 2017/18 tax returns now passed there are still two ways of paying your tax return to avoid a large fine

With the deadline for Australians to lodge their 2017/18 tax returns now passed there are still two ways of paying your tax return to avoid a large fine

Michael Nagle, Senior Tax Adviser for Tax Effective Accountants in Sydney, told Daily Mail Australia they get an influx of people looking to lodge their returns after the cut-off date.

'We do get people who haven't lodged right away or in some years,' he said. 

'But our communication channels allow for better remittance.'  

Tax agents have special arrangements with the Australian Tax Office and are allowed to lodge returns well after the cut-off date. 

If you have already registered with a tax agency then they have until March or May the following year to lodge your return.

'It allows us to handle the work flow better and stagger our lodgement program,' Mr Nagle said.  

Failing to lodge in time also incurs a 'late lodgement penalty', $180 for every 28 days you haven't lodged your tax return. 

Mr Nagle said going to a tax agency gives you a better chance of reducing your fines and late fees.

'They can be afforded some leniency if they are going through a tax agent and if they are up to date,' he said. 

Failing to lodge in time also incurs a 'late lodgement penalty', $180 for every 28 days you haven't lodged your tax return

Failing to lodge in time also incurs a 'late lodgement penalty', $180 for every 28 days you haven't lodged your tax return

If you have a good history of compliance with the ATO and lodge your return as soon after the deadline as you can, there is a second way of filing late without being slapped with a fine.

You can argue extenuating circumstances such as 'sudden ill health or destruction or loss of records due to fire or flood'.

Mr Nagle said illness or late notifications tended to be very common for late tax returns. 

'Illness, family break ups, delayed information such as late payment summaries or group certificates can sometimes allow late fees to be waived,' he said.  

As of the October 31 deadline only 72 per cent of New South Wales tax payers had lodged their returns, a total of 2,555,485, the lowest in the country. 

Tasmanian taxpayers registered the highest concentration of returns at 93 per cent, for a total of 191,375 residents. 

Reasons such as the tax payer forgetting, 'through the neglect, inadvertence or omission of the taxpayer' are not suitable. 

Reasons such as the tax payer forgetting, 'through the neglect, inadvertence or omission of the taxpayer' are not suitable reasons for late lodgement 

Reasons such as the tax payer forgetting, 'through the neglect, inadvertence or omission of the taxpayer' are not suitable reasons for late lodgement 

 

 

 

Advertisement

The two ways you can get out of a fine for failing to send off your paperwork on time 

Most watched News videos

Comments 0

Share what you think

No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards.

Add your comment

What's This?

By posting your comment you agree to our house rules.