Your 2023/24 tax return is due by 31 October 2024, but you can have until mid-May 2025 if you're lodging with a tax agent. Did you miss the deadline to lodge your tax return? Don't worry, if you register with a tax agent they can help you complete this year's tax return as well as any other years you might have missed. The cost of using a tax agent is tax deductible in the year you incur the cost, too.
The tax return deadline if you’re lodging your tax return yourself is October 31, 2024 (read our comparison on lodging yourself versus using a tax agent).
But if you lodge your tax return through a registered tax agent, you'll get some extra time. Tax agents have a special facility with the ATO that allows them to lodge a return on your behalf after the October 31 deadline – but you need to be registered with a tax agent by October 31 to take advantage of this extended deadline. If you haven't yet registered with a tax agent and you've missed the deadline, make an appointment to lodge your return anyway – it's better to lodge it late than to not lodge it at all.
While the deadline for lodging through a tax agent varies depending on your personal circumstances, you potentially have until mid-May the following year to lodge your return – an extension of more than six months when compared to the normal deadline.
One quick distinctionL different rules apply if you lodge through a tax agent and you had tax payable of $20,000 or more in the previous financial year. If this is the case, the deadline moves forward slightly to March 31 the following year.
And if you have one or more unlodged tax returns from earlier years, you will be ineligible for the extended tax deadline and need to submit your returns (this year’s return and the outstanding earlier returns) by October 31, 2024.
Phew - confused yet, or clear as mud?!
The income tax return deadline is set by the ATO. As the Australian Government’s principal revenue collection agency, it’s the ATO’s job to collect tax from all income-earning Australians. The deadline is in place to ensure that all taxpayers pay the money they owe the government in a timely fashion, and that you receive any refund you may be entitled to.
| Response | Gen Z | Gen Y | Gen X | Baby Boomers |
|---|---|---|---|---|
| I do it myself | 52.81% | 56.25% | 42.76% | 28.98% |
| I use an accountant | 30.34% | 32.88% | 40.79% | 32.95% |
| I don't file taxes | 6.74% | 2.99% | 7.57% | 32.39% |
| I use a specialist service (eg. HR Block) | 5.62% | 4.35% | 5.92% | 3.41% |
| A family member or friend does it on my behalf | 3.37% | 3.26% | 2.96% | 2.27% |
| Other | 1.12% | 0.27% |
There are several reasons why you might have missed the ATO’s tax return deadline, such as:
If the deadline has passed and you haven’t filed your return, the best thing you can do is lodge your return with the ATO as soon as possible. A tax agents can help you lodge any late tax returns you have. Unless there are extenuating circumstances, you may be hit with a late lodgement penalty – and this penalty increases the longer you wait to submit your return.
If you keep putting it off, the penalty you’ll be required to pay will only increase and you may eventually face prosecution. With this in mind, it’s worth your while to lodge your return as soon as possible and minimise the penalties that may apply.
The good news is that, if you have a good history of lodging your returns and paying any ATO debts on time, you may be able to avoid the late lodgment penalty. However, you will need to have a good reason for missing the deadline, and the sooner after the deadline you lodge your return the better.
If you fail to lodge a return or statement with the ATO on time, you may need to pay a failure to lodge (FTL) penalty. For individuals, the FTL penalty is calculated at the rate of one penalty unit for each period of 28 days (or part thereof) that your return is overdue, up to a maximum of 5 penalty units. This fine is calculated at the rate of one penalty unit for each period of 28 days or part thereof that the document is overdue, up to a maximum of five penalty units.
The value of a penalty unit is currently $330 (from 1 July 2024) per 28 day period.
So if you’re late lodging your return for the 2023-24 financial year, the following fees could apply:
If you’ve failed to lodge your return in time, the ATO will notify you in writing or over the phone. The ATO also doesn’t generally apply penalties in isolated cases of late lodgement, and will take your personal circumstances and history of compliance into account before deciding on the best course of action.
In addition, if you lodge your return after the deadline and incur a debt, the ATO will charge you interest on that debt from the date it was due until you end up paying it. The general interest charge (GIC) rate that applies to unpaid tax liabilities is reviewed quarterly, and currently sits at around 11%.
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Due to a horrible year in which our daughter passed away, we have not lodged our tax return as yet. Our accoutnant has recieved all the paperwork but needs two weeks to complete. Will this be a problem?
Hi Jeff,
I’m sorry for your loss.
It shouldn’t be a problem if you’re lodging your return with a tax agent. The ATO states that it does apply discretion with late returns, saying this on its website:
“We recognise that sometimes people don’t meet their lodgment obligations on time, even with the best intentions. Generally, we don’t apply penalties in isolated cases of late lodgment. We consider your circumstances when deciding what action to take.”
Given your circumstances, there shouldn’t be a problem with lodging your return a bit late this year.
I hope this helps,
Alison
I have a friend who has several years’ outstanding tax returns that he needs to lodge. He is working on getting his info together but is ‘dragging his feet’, despite being ‘nagged’ by me and our close group of friends to get his act together. He plans to travel overseas on a holiday in the next couple of months, and someone else has told us that he could be stopped from departing Australia on his holiday because he has outstanding tax returns. I hadn’t heard of this before, so thought it best to check with someone who might actually know. Any clarification you can give will be much appreciated.
Hi Concerned friend,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
Yes, the ATO has the power to stop a taxpayer from leaving the country if they have outstanding tax returns or they owe a tax debt. So, there’s a chance for your friend from being stopped from leaving the country. The ATO can issue Departure Prohibition Order (DPO) and this order would require you to fully pay the tax debt before your friend can leave the country again.
However, please note that the DPO is not automatically created for people who have a tax debt. For this reason, if the ATO hasn’t issued a DPO for your friend, then your friend might still be able to leave the country.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua