Lodging a tax return every year is compulsory for most Australians earning an income above the current $18,200 threshold.
Traditionally cut-off ends 31 October, yet falling on a Sunday in 2021 the Australian Tax Office will concessionally allow until the close of business Monday 1 November to complete your return individually or register with an agent.
If you register with an agent you have more wiggle room, with the cut-off at 15 May 2022 to complete your return.
The Australian Tax Office to date reports more than $20 billion has been refunded this financial year to more than 7.2 million taxpayers.
What if I miss the deadline?
Director of Tax Communications at H&R Block, Mark Chapman told Savings.com.au if you don’t lodge or register for your return in time you could be looking at a stiff fine.
"The so-called 'failure to lodge' penalty is calculated at the rate of one penalty unit for each period of 28 days that the return is overdue," Mr Chapman said.
"This equals up to a maximum of five penalty units. The value of a penalty unit is currently $222, so the maximum penalty which can be applied for an individual is $1,110."
Mr Chapman said in some cases while the penalty is normally applied automatically, it is ultimately at the discretion of the ATO, and certain exemptions may apply.
"This generally includes in the event of natural disasters or serious illness," he said.
Australian Tax Office Assistant Commissioner Tim Loh understands that tax may have been the last thing on Australians minds in prior months, but encourages those yet to do so to lodge their return before the deadline.
"For people with simple tax affairs, lodging through our myTax service can be done and dusted in under 30 minutes," Mr Loh said.
"Four out of five people receive a refund with most refunds issued in less than two weeks.
"If you want to keep an eye on how your return is progressing, you can do this by logging into the ATO app or via myGov."
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Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
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Harry O'Sullivan
Denise Raward
Rachel Horan
