You still have a little more time and a chance to submit your tax return if you have forgotten about it or weren't entirely prepared for the online tax return Melbourne. You might be stressed on getting slapped with a fine on missing the deadline because 31st October is the date when all Australians have to prepare their paperwork and send it to ATO (Australian Tax Office).
So hurry, through online, you can still lodge a tax return in Melbourne.
But, what is the final tax Deadline?
15th May was the final deadline for taxpayers who have maintained a good tax history or were engaged with registered tax agents. But due to global pandemic-Coronavirus, the date was extended and dropped on 5th June.
You must be well-acquainted with that lodging after 5th June is likely to put you into big
trouble. Whether you had a good tax history with ATO or not, penalties will surely hit you badly.
Hence, now you should take the help of registered tax agents to lodge an online tax return in Melbourne because they have special procedures and facilities with ATO. For instance, it enables you to submit tax with minimal stress. However, to file a return for the financial year 2018-19, the date for lodging a return was 15th May 2020.
Fortunately, specific regulations were available to help you out if you lodge with a tax agency and if you have submitted more than $20,000 tax in the previous year. For such taxpayers, the time limit for the online tax return, Melbourne, is slightly extended to 31st March of the next year.
Moreover, to extend the deadline, taxpayers who have already missed to lodge an online tax return in previous years are entirely ineligible. They will have to submit their entire outstanding returns (including this year and prior years) by 31st October.
What penalties apply if you miss the tax return deadline?
If you remain unable to submit an online tax return in Melbourne or an ATO statement, at the requisite time, you may have to pay penalties on being 'failure' to lodge (FTL). For instance, if your return for the financial year 2018-19 is late, the mentioned fees may apply:
$210 fine- If your return is up to 28 days late
$420 fine- If your return is 29-56 days late
$630 fine- If your return is 57-84 days late
$840 fine- If your return is 85-112 days late
$1,050- If your return is more than 112 days late
If you are entirely failed to lodge on time, the ATO will inform you in written work or by phone. In addition, the ATO does not usually impose penalties in isolated cases but strives to take your history into consideration and specific circumstances to end up with right with the course of action. Ultimately with the help of agents, you can still manage a way to submit your online tax return in Melbourne, Australia.
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