If the answer is yes, the deadline to submit the tax return – or to appoint a registered tax agent so you can get more time – is fast approaching.
The 2020 Australian income year ended on the 30th of June 2020.
Individuals who are required to submit a tax return have until the 31st of October 2020 to lodge their 2020 income tax return if a registered tax agent is not instructed.
You can check whether you are required to submit a 2020 Australian tax return at this web page.
To lodge your 2020 tax return you can:
- Lodge online with myTax through myGov, or
- Complete a paper tax return form and mail it to the Australian Taxation Office, or
- Use a registered tax agent such as bdh Tax
If you use a registered tax agent such as bdh Tax to prepare and lodge your tax return, you may be able to submit later than the 31st of October 2020.
You should appoint a registered tax agent before the 31st of October 2020 to arrange this.
If you have a Tax File Number and are not required to submit a tax return you should submit a Non Lodgment Advice with the ATO.
This advises the ATO that you don’t need to lodge a tax return, and will ensure you aren’t identified as having an outstanding tax return.
In the absence of a Non Lodgment Advice the ATO will assume you still have to submit your tax return, and may take compliance action against you.
bdh Tax can help you to prepare and lodge your Non Lodgment Advice.
If you don’t lodge a personal tax return by the due date the ATO will issue a Failure To Lodge (FTL) penalty.
The penalty is calculated at the rate of one penalty unit for each period of 28 days or part thereof that the tax return is overdue, up to a maximum of five penalty units.
The value of a penalty unit is currently $222.
The penalty is usually raised automatically – but not normally where there is a tax return with a nil tax payable position or where a refund is due to the taxpayer.
Where a penalty is applied the ATO will frequently remit or vacate it where it is fair and reasonable to do so.
Registered tax agents such as bdh Tax can request remission of a penalty on behalf of a client.
bdh Tax is experienced in the preparation and submission of Australian tax returns, particularly for individuals who have arrived in Australia recently, who have temporary residency visas/have changed their visa category during the tax year, and/or who have income that arose outside Australia.
If you have a 2020 personal tax return to lodge with the Australian Taxation Office and think you may need help with it please complete the enquiry form on this page. We can then have a no obligation free conversation about your situation, and how bdh Tax might help.
Our fees are fixed in amount, and are agreed in advance before you have any commitment to us.
And remember – if you appoint bdh Tax before the 31st of October 2020 you should be able to access an extension of the due date for filing your 2020 Australian tax return.