Do you know someone who is trying to prepare their own tax return and has yet to begin?
Well, if you do then time is about to run out for them as they have until next Monday, the 31st of October to lodge your return.
If you (and they) don’t think they can meet this time frame then we have a solution!
If we are appointed as their tax agent before October 31, we (and they of course!) will have until May 15, 2023, to lodge their 2022 income tax return.
What happens if they miss this deadline?
If they have missed the tax deadline then potentially, they can be hit with fines, which increase every 28 days it is late.
For the first 28 days that they’re late, the fine is $222, but if they’re really late, that can increase to $1,110.
However, if they’re owed money by the ATO or generally have a good tax history, they can often get the fine withdrawn.
The same goes for if they were unable to lodge due to a natural disaster, such as the floods we are currently experiencing here in Victoria at the moment or an illness.
Deadline to pay ATO if they owe money
If they owe money to the ATO, they need to pay by November 21, regardless of whether they have filed on time.
After that date, the ATO will start charging interest on the due amount.
So, if you know someone who is trying to prepare their own tax return and has yet to begin let them know about this piece of advice. Better still, get them to book a time with our Team before the 31st of October 2022 so we can register them on our Tax Agents Register and we can get a 6-month reprieve for them.
Have a great day!
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