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."
Advertisement
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product.
By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 27, 2024. View disclaimer.
Image by The New York Public Library via Unsplash
Disclaimers
Savings.com.au does not provide tax advice. This material has been prepared by Savings.com.au and is for informational purposes only, and is not intended to provide, and should not be relied on for tax advice.
For tax advice relevant to you, visit the ATO or consult an independent tax advisor.
Harry O'Sullivan
Harrison Astbury
William Jolly
