Have you missed the Tax Return Deadline?.
The Australian Tax Returns for the 2019/20 tax year had to be lodged by Monday 2nd November 2020. Extended from 31 Oct as that was a Saturday.
Financial Penalties might apply if you did not lodge yours on time.
If you have already registered to lodge with a Tax Agent, this will not apply to you, as tax agents have different lodging dates for pre registered clients. (ato.gov.au/tax-professionals)
If you have a refund due, this may not apply to you, if you lodge before any penalty is applied.
But, if you are liable to a penalty, then be aware that the penalty increases the longer you delay.
Do not panic too much. I did when I first read this, (I missed a tax return in 2015 while out of the country), but I then relaxed after reading this bit…
Generally we don’t apply penalties in isolated cases of late lodgment.
We’ll warn you by phone or in writing if you’ve failed to lodge. If we apply FTL penalty we’ll send you a penalty notice stating the amount and due date of the penalty.
How much is the Penalty for Late Tax Return?
For an average individual the penalty is one penalty unit for each period of 28 days (or part thereof) that the return is overdue, with a maximum of five penalty units.
The current penalty unit is $222. This means it could be as high as $1,110 if you delay for too long.