Missed the tax deadline? Don’t panic, now is the time to take action.
It is common for medical professionals to be extremely busy working and certain deadlines to be missed. Although this isn’t good practice as it can result in hefty and avoidable bills. As an individual taxpayer the due date for tax returns is the 31st of October each year if you are not with a registered tax agent. If you are with a registered tax agent, the due date will be either the 31st of March or the 15th of May depending on the individual’s circumstances.
The ATO has the ability to fine individuals $313 every 28 days a tax return is overdue and if your tax return results in a payable position, the ATO can also apply general interest charges on the tax owing. What this means is that you will start to owe the ATO more and more money the longer you leave it.
Every year that an ATO deadline is missed it does mean that your tax lodgement dates are brought forward, so getting into a good habit of meeting deadlines is important to all individuals every year.
What should the next steps be with my tax return?
The best advice is to speak to your accountant to determine if you are in a tax refundable or payable position. If you are owed a tax refund, it is in your best interest to receive this refund as soon as possible.
If you are in a tax payable position to avoid further fines, penalties and interest charges, start collating your tax documents and get the tax return immediately addressed. Your accountant or tax consultant might even be able to assist with having penalties remitted, but the later you leave it the harder this becomes.
If you have any further questions about your tax return and the deadline, a DPM tax adviser would be happy to meet and discuss your tax circumstances further. We recommend consulting with a tax professional prior to proceeding with any tax strategies. Book a free no-obligation initial consultation to learn more.
