Are you are among the thousands of taxpayers who have awoken this morning with the realisation that we are in November and that you have not filed your annual tax refund? If so then you should continue reading:
The filing deadline for individual tax returns in Australia is the 31st October 2014 – what does this mean you might ask? What this means will vary depending on your closing tax position, but in general, what it means is the following – all individual tax payers by the 31st October need to have either filed their income tax return, or alternatively have subscribed to a tax agent by this date (which will extend the filing deadline to May 2015).
If you have not done either of the above you may now be panicking, but again all is not lost and the impact of missing the deadline will be something that we at Taxback.com can consult on – in most cases if your closing balance for the tax year is a liability (i.e. you were working on an ABN or have underpaid taxes for some reason), then by missing the deadline you will incur a penalty in the form of interest which will be applied to your liability periodically up to the point when you file - meaning the sooner you lodge your return the less missing the 31st October deadline will cost you!
If you have overpaid taxes and are entitled to a refund which is the case with the large majority of Taxback.com clients you will incur no penalty but your filing options to claim the overpayment are limited to the below. The average refunds seen by taxback.com clients is $2,600.
The average tax refund Down Under is AU$2600
For either of the above cases the only filing options you have post the 31st October are to either file a paper return yourself or to engage the services of a tax agent – all individual online filing options will close from 1st November (e.g e tax closes from midnight 31st October).
Taxback.com are helping thousands of clients annually who have missed the deadline to arrange these matters, and by engaging us you will save yourself the headache that is paper returns. We will work directly with the ATO to ensure that all is taken care of – the upside to engaging with Taxback.com or another tax agent is that you will avoid this situation next year as you will be listed as a client of the nominated tax agent next year and will automatically benefit from the filing extension of May 2016 and avoid any unwanted penalties.
If you have missed the deadline and want to get an assessment of your situation then please get in touch and we will be happy to help.