Penalties for not lodging your return can be significant but there’s an easy way to avoid them.
Personal tax returns in Australia are due to be lodged with the Tax Office by 31 October and covers the last financial year (July 1, 2011 – June 30, 2012).
The people you worked for from July 1, 2011 – June 30, 2012 are legally obliged to have sent you all your payment summaries by now. So if you have not yet lodged your tax return and have received payment summaries then you better get a wiggle on and book an appointment and get your return lodged.
What happens if you don’t lodge by 31 October?
If you have not lodged a tax return and have not registered with a tax agent by 31 October then you may be subject to ‘failure to lodge on time’ penalties. This is especially true if you owe tax, have more than one outstanding return, a poor history of lodgement, or have not complied with a request to lodge, and for this the penalties can be significant. Because a new fine can be generated approximately every month that the return is late, (up to a maximum of 5 periods) they can add up rapidly especially with high interest applied. In some cases the Tax Office may even lodge a default assessment for you.
Of course, the best way to avoid fines is to simply lodge your return on time. But if for whatever reason you still don’t think you may be able to do your tax before October 31 you may significantly reduce your risk of penalty if a licenced tax agent registers you as a client on the ATO Portal.
Whatever you do, never avoid lodging a return because you’re afraid you may have to pay tax. Trying to avoid the tax office is a no-win strategy, and, invariably you will end up in a much worse financial position than getting your return in on time!
Some of us find the thought of doing a tax return daunting, and others simply can’t find the time. But don’t leave it too late. 31 October is rolling around fast.
At Mr Tax Refund, we do all the hard work for you. All you need to do is email, fax or SMS your source documents to us and we call you at a convenient time to complete and lodge your return. It usually only takes 20 minutes and we can call you after hours and weekends to avoid taking time out from work.
What’s more there are no complex forms to fill out and you don’t have to pay a thing up front as we can take our low fees from your refund. If you are in need of your cash fast at your option we can also send your tax refund to your bank in one business day or less.
Get Mr Tax Refund to prepare your return before October 31 and not only will you receive a great service at rock bottom rates; you’ll also sidestep any possible fines.
Simply visit http://www.mrtaxrefund.com.au/ and follow the simple sign up instructions, or call us on 1300 829 227 today.
 Still don’t have your payment summaries? Call your employer as they may not have an up to date address for you.
 The Tax Agent Portal is a large database of Australian taxpayers and registered tax agents secure access to client information and online communication with the ATO.
 Extra Fees apply for this service.