It is mid March 2015 and many businesses, trusts and individuals have not lodged their tax returns for the year ended 30 June 2014 – which is more than 8 months since the financial year ended!
The good news is that this is legal and that the deadline is 15 May 2015 for SME individuals, partnerships and trusts if they are listed on an accounting businesses (registered tax agent) lodgement program with the tax office.
You have another two months or do you?
Fortunately or unfortunately accounting firms get inundated with work at this time of year as many clients leave their tax return obligations till now 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 tax payer, maybe you will be penalised maybe you won’t…
TAX DEADLINES ARE BORING, THOUGH PENALTIES ARE PAINFUL
I suggest you get your information to your accountant ASAP to meet the deadline or come and talk to us and we will get your organised!