Tax Deadlines and Penalties – 2016 Return Lodgement
We have been busy, like most accountants this time of year.
It is May 2017 and many businesses, trusts and individuals have not or only just lodged their tax returns for the year ended 30 June 2016, via a tax agent.
You get nearly 11 months to get your tax return in via an agent, which should be plenty of time you would think…
The good news is that this is legal and that the deadline was 15 May 2017 for SME individuals, partnerships and trusts if they are on a registered tax agent lodgement program with the tax office.
Provide your information early
Fortunately or unfortunately accounting firms get inundated with work at this time of year as many clients leave their tax return obligations till the last minute and there is urgency to lodge, the work builds up and the accountant cannot turn the returns around quick enough to meet the deadline!
Missing the deadline means the ATO can impose administration and interest penalties on you the taxpayer.
Get your information in well by the start of March to lodge comfortably by mid May. Please.
TAX DEADLINES ARE BORING, FINES ARE PAINFUL