Taxpayers are being reminded that they had until 1st November to file their tax returns or register with a registered tax agent. The deadline would ordinarily be on 31st October but this falls on a Sunday this year, hence the postponement.
Those that fail to submit their returns or register with a tax agent by this deadline risk fines of anywhere between $222 and $1,110. The ATO is advising anyone that thinks they will be unable to meet this deadline to get in touch with them or a registered tax agent as quickly as possible. For those filing their own taxes, simply log into your MyGov account, ensure it is linked to the myTax service and follow the ATO prompts.
According to Assistant Commissioner Tim Loh, lodgement of taxes can be easily done within half an hour for those with simple tax affairs. He confirmed that most income information and personal details have already been pre-filled. Taxpayers need only confirm the details, add any missing additional income and claim their eligible deductions.
Those that go through a registered tax agent will find that the same information is available there. If intending to use a tax agent, you will have until 15th May next year to submit returns. You will however need to ensure that you are on the tax agent’s books by 1st November.
Mr Loh is advising taxpayers to also be careful about their details and verify they are correct before submission. Mistakes such as wrong bank details and leaving out incomes are some of the reasons for delayed refunds. The ATO has disbursed over $20 billion in refunds to more than 7.2 million taxpayers this tax season. This accounts for about four in five of all taxpayers. The average refund this year has been $2,490. The amount however varies according to how much has been paid in taxes and other circumstances.
One of the most applied reliefs is the low and middle-income tax offset (LMITO). For those that earn up to $126,000, the LMITO will reduce the amount of taxes to be paid by anywhere between $255 and $1,080 depending on taxable income.
The ATO is ready to work with taxpayers that may find it difficult to meet their tax obligations. Payment plans can be tailored according to an individual’s circumstances. Taxpayers can also look up online options that can be set up based on how much they owe. Taxpayers are also being advised that a failure to lodge their returns on time could affect their eligibility for childcare subsidies and the federal government’s family tax benefit.
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