Last updated 30/10/2024
The tax filing deadline in Australia for lodging your return yourself is 31 October 2024. If this due date snuck up on you, we put together this guide to help.
Lodging your return on time and with 100% accuracy is crucial for getting back the maximum refund you are owed and avoiding penalties.
In this guide, we’ll dive into “when is tax filing deadline?” here in Australia and why it is so important to lodge your return on time.
Understanding the Australian Tax Filing Deadline
So when is the income tax deadline for Australia?
According to The Australian Taxation Office (ATO), Australia’s standard tax filing deadline is 31 October. This deadline applies to the previous financial year (July 1 to June 30).
For individuals who lodge their own return, 31 October is the due date to lodge. Using a registered tax agent can extend your tax return deadline. This deadline can be as late as May 15th depending on your individual circumstances.
Learn more about lodging your return here: Australian Tax System Guides.
Benefits of Lodging Early
Aside from the peace of mind that comes with lodging early, other benefits include:
- Potential for faster refunds
- No last-minute stress
- More time to get your documents in order
- Easier financial planning
- Possibility of fewer mistakes if you aren’t rushing to lodge your return
What Happens If You Miss the Tax Filing Deadline?
One of the most common questions we hear from clients is, “What happens if I miss the tax filing deadline?”.
If you miss the 31st of October deadline to lodge your tax return, the consequences can affect your financial stability and future tax returns.
Late lodgement consequences can include:
- Penalties and fines
- Interest charges that quickly add up
- Decreased ability to get extended deadlines on future returns
- Reduced eligibility for certain government benefits
- Negative impacts on your finances, such as making it harder to qualify for a loan
To avoid finding out “What happens if I miss the tax filing deadline”, we always recommend starting the return process early. Keep receipts and documents organised throughout the year and keep track of any deductions you are eligible for.
Learn More: Prior Year Tax Return Guide: Dealing with Late Tax Returns
Penalties and Interest Charges
The ATO is strict about deadlines and you will likely face penalties for late lodgements. A Failure to Lodge (FTL) penalty can quickly lead to significant tax liability.
The exact fines or penalties will depend on your individual circumstances. The ATO generally imposes a penalty every 28 days, with a maximum of five penalty units. This can amount to hundreds of dollars, or more, in fines and penalties.
Update: These penalties could start at $313, go up $330 for every 28 days the return is overdue
Along with penalties, you’ll be subject to interest rates on any unpaid tax liability. This interest can add up quickly and further increase your tax debt.
Learn more about what happens if you lodge your return late and the best way to handle a late return in our guide here: Tax Deadline – If You Fail to Lodge Your Tax Return, What Happens?
Impact on Government Benefits
Missing the deadline to lodge your tax return can affect eligibility for certain government benefits. Lodging a late return can also negatively impact your finances by reducing your ability to get a loan.
Options If You Can’t Lodge by October 31st
Use a Registered Tax Agent
Getting on the books with a registered tax agent can extend your deadline. However, you must register with a tax agent before October 31st. Doing so will give you additional time to get all of your documents ready.
Learn More: Should I Do My Tax Return Myself or Hire a Tax Agent?
Eligibility for Extensions
The ATO allows for lodgement extensions in certain cases. For instance, if you have a history of lodging on time and have a valid reason for requesting an extension, the ATO may extend your lodgement deadline.
The ATO considers extensions on a case-by-case basis, but here is a brief look at eligibility for extensions:
To be eligible for an extension with the ATO, you will generally need:
- Valid reason and clear explanation of why the extension is required
- Documentation of your reason (i.e. doctor’s certificate)
- Good standing with the ATO (history of lodging accurate returns on time and meeting all the requirements)
To get an extension, contact the ATO and be ready to provide a valid reason for an extension and clear documentation.
You May Also Like: 10 Last Minute Tax Tips to Maximise Your Return
Steps to Take If You’ve Missed the Deadline
Contacting the ATO
Have you missed the tax deadline or are going to miss it? It is imperative to contact the ATO immediately.
Explain your situation and inquire to find out if you can apply for an extension. The ATO may allow an extension in certain cases, such as having a good lodgement history of meeting prior deadlines and requirements.
Have supporting documentation on hand and an explanation of your reason for late lodgement, if applicable. The ATO may reduce interest fees or penalties if late lodgement is due to a valid reason.
Lodging Your Return as Soon as Possible
If you do miss the deadline, it is important to lodge your return as quickly as possible. Contact the ATO immediately if you miss the deadline and lodge your return as soon as possible to minimise penalties.
It is crucial to file a complete, accurate tax return as soon as possible after missing the deadline. Doing so can reduce the amount of penalties you face and help you regain good standing with the ATO.
Seeking Professional Help
Along with immediately notifying the ATO, we also recommend contacting a registered tax agent if you miss the deadline. A registered tax agent can help manage late lodgement and reduce penalties.
A registered tax professional can negotiate with the ATO on your behalf, increasing your chance of getting the debt released or being eligible for a payment plan.
Our tax specialists are specially trained in navigating late filings and minimising penalties.
How TaxReturn.com.au Can Help
Assistance with Lodgement
Are you stressing as the 31 October cut-off quickly approaches? Contact our experts at Tax Return AU and we can get you added to our portal. By registering with our tax agents, you can enjoy up to an additional 6 months to consolidate your source docs.
Negotiating with the ATO
If you miss the tax filing deadline in Australia, we highly recommend contacting a tax professional for help. Whether you need to apply for an extension or are worried you will miss the deadline, a tax professional can negotiate with the ATO on your behalf.
Register Before the 31 October Tax Filing Deadline in Australia
Meeting the ATO’s October 31st tax deadline is crucial if you want to avoid penalties, fees, and interest charges.
With the deadline quickly approaching, it is time to take immediate action. Need more time before you are ready to lodge your return? Contact Tax Return AU and we can add you to our portal immediately. This will earn you an additional 6 months to collate all your source docs together.
Regardless of when you decide to lodge your return, our fees are 100% deductible. However, make sure to contact us now to get added to our client list before 31 October. Our tax specialists are here to help you lodge a 100% accurate return on time and get you the highest return you are eligible for.
