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Lodging on time | Individual Tax Return

June 13, 2022

Do you need to lodge your Tax Return on time?

We know there are plenty of reasons why you’re probably putting off lodging your tax return… You forgot, your dog ate your receipts, you have that ‘thing’ you need to go to or, you may be avoiding lodging your tax return because you know the outcome is a bill.

Lodging your tax return on time

But regardless of why you may be putting it off, you really shouldn’t…. 

Lodge late, get penalised

Ok, so the ATO are generally lenient if you have overdue tax returns… But if they have attempted to contact you and you haven’t responded to their letters or completed your tax return/s, you’ll be hit with “Failure to Lodge on Time” penalties.

The current penalty rate for this is $210 every 28 days – that’s around $2520 per year!!
(This doesn’t include the ATO’s expensive General Interest Charges)

You can lose your Government Benefits if you lodge your tax return late

The ATO are now linked with third-party Government agencies (e.g. Centrelink & Child Support).
Centrelink need the information on your tax return to balance your payments for the last financial year. Failing to lodge your tax return may result in your Centrelink benefits being STOPPED until you lodge your tax return.
And, we all know that it takes a looonnnnnngg time for Centrelink to start payments up again. 

If you don't lodge, you might be missing out on a holiday

If you don’t lodge, you may be missing out on a nice refund which could go towards a luxurious holiday. Or we could be realistic and say it may just pay off the bills – but hey… you’ll never know if you don’t do your tax return!

Something to keep in mind 

Your tax records will never disappear and the ATO will continue to contact you to make you lodge your tax return and if you don’t get it done, they’ll apply the penalties. 


Lodge with GoTax

It’s time to stop worrying and stop making excuses.

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Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.

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