2018 Tax Returns Were Due on Wenesday 15th May. Lodge Asap to Avoid ATO Fines

Related Stores

Australian Taxation Office

• 

  [Deactivated] on 17/05/2019 - 10:40

  thanks

• 

  dcep on 17/05/2019 - 11:08

  i thought they due on 31 Oct.

  XOXO

  • 

    nicolemcmilllon on 17/05/2019 - 11:17

    +3

    If you used a tax agent and weren't late the previous year, and use a tax agent this year, they're due on the 15th May.

    If you do it yourself, or were late the previous year, they're due on 31 October.

    • 

      virhlpool on 17/05/2019 - 22:18

      When you say 'were late previous year', do you mean filed after 15th May in the previous year (considering you used aged previous year and using this year too)?

      • 

        nicolemcmilllon on 18/05/2019 - 19:54

        +1

        Yes correct. As long as you used a tax agent both years, you should have a 15th May due date.

        This varies if you have a lot of tax payable (>100k)

• 

  dasher86 on 17/05/2019 - 12:48

  +4

  Thanks again Nicole.
  I always enjoy your AMA and I look forward to the next one.

  • 

    nicolemcmilllon on 18/05/2019 - 19:56

    +3

    Thanks, I'll try my best to do one the last weekend of June. Stay tuned.

• 

  coin saver on 17/05/2019 - 17:06

  -1

  I only do my tax every 3-4yrs and they never fine me in fact they are really nice and give me money.

  • 

    nicolemcmilllon on 18/05/2019 - 19:41

    +1

    For every person that is as lucky as you, there are 9 others that get fined.

    Even if you are due refunds, the fines are for late lodgement, not late payments.

    We see this day in day out.

• 

  bluesky on 17/05/2019 - 21:22

  if you haven't lodged yet, best bet to avoid fines is to have it lodged and paid (if you owe money) by 5th June 2019

  Hi Nicole, thanks for post and AMAs. For individuals who are due refunds, but late in lodging, ATO generally does not impose fines. Presumably, because they are holding on to your money.

  What if it is a superfund or a small company (pty ltd), which is owed a refund (from too much PAYG during the year)? If it is a bit late in lodging (say, after 5 June 19) - will it also escape a fine, like the individual? Just wondering. Thanks in advance.

  • 

    nicolemcmilllon on 18/05/2019 - 19:45

    +2

    I understand people keep saying that, and I don't want to pull the "experience" card, but from my experience, people get fined left right and centre once Jun 5 passes, regardless if you owe money or are owed money.

    I see this all the time, and clients try to argue that they are owed money and shouldn't be fined. However the fine is for late lodgement not late payment.

    Superfunds and companies are the same. They will get fined if they are late.

    Also, being late means the ATO will be less lenient in future years and in years where you need to make payment arrangements etc.

    Even if clients can't afford to pay the tax, we always recommend for them to lodge the return and make a payment arrangement for the tax.

    Nicole x

    • 

      bluesky on 18/05/2019 - 19:52

      +1

      I don't want to pull the "experience" card

      You are an accountant, your experience is exactly why we want to hear from you about such issues, you should pull the "experience" card :-)

      Thanks for sharing this with us, it is good to know.

      • 

        nicolemcmilllon on 18/05/2019 - 20:09

        +3

        Thanks, I am just careful because a lot of people have their own thoughts as to what they think happens or how they think it works. Obviously I am talking from a place of having done thousands of return.

        Thanks for the vote of confidence :)

• 

  whooah1979 on 17/05/2019 - 21:38

  Does the ATO fine individuals?

  • 

    nicolemcmilllon on 18/05/2019 - 19:46

    +1

    All the time. And it is getting increasingly difficult to have the fines remitted.

• 

  spersephone on 18/05/2019 - 11:32

  Every year your tax return is due 31 October (for the previous financial year ended 30 June). If you are registered with a tax agent, they may apply for late lodgement till May the following year.

  If you lodge late, you will begin to accrue late fees (if appropriate). If you're an individual, I believe you can still be fined by the ATO for certain misdeeds. If you simply lodge late, you're going to be faced with any payment amount being due within a really short time frame, with late fees imposed on top. If you are owed a refund, you may find they don't charge you a late fee, but then again, who knows?

  Particularly if you're owed a refund, I don't know why you wouldn't lodge on time to get your money as fast as possible. And if you owe money, lodging as early as possible extends out the amount of time you have to pay it from the time of lodgement. Either way, I prefer to lodge quickly.

• 

  idonotknowwhy on 23/05/2019 - 14:04

  +1

  I don't know why you wouldn't lodge on time to get your money as fast as possible.

  Neither do I, and yet I always end up lodging late even when I'm entitled to a refund…

  • 

    bluesky on 23/05/2019 - 19:28

    +1

    Same here. There always seems to be higher priority stuff to do first :-)

• 

  Purple on 23/05/2019 - 17:01

  +1

  Lodge on the last day - 31 October even I am entitled to a refund as well.