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Filing Your Individual Tax Returns in Time
Filing Your Individual Tax Returns On Time
Most registered tax agents have special lodgment schedules and can lodge returns for their clients later than the usual 31 October deadline. Make sure though if you’re using a tax agent for the first time, or using a different tax agent to contact them before the 31st of October. Why become hasty in doing so? Read further below as to why filing individual tax returns on time is beneficial to you in more than one ways.
What happens if I lodge my tax return late?
If you fail to lodge your tax return on time a (FTL) penalty which is an administrative penalty may be applied. For this reason alone you should get in touch with a professional accountant in Warrawong to file your tax returns.
The FTL penalty amount is according to entity size for individuals here are the penalties. (supplied by the ATO site)
| Days overdue | |||
| 28 days or less | $180 | ||
| 29 to 56 days | $360 | ||
| 57 to 84 days | $540 | ||
| 85 to 112 days | $720 | $1,440 | $3,600 |
| 113 days or more | $900 | $1,800 | $4,500 |
You can’t claim payment of FTL penalty as a tax deduction but you can claim your expenses relating to preparing and lodging your tax return through a professional tax accounting firm in Illawarra.
Benefits of Seeing an Accountant for Individual Tax Returns
A Professional Accountant Can Save Your Time
Join over 70% of Australians who already use a registered tax agent.
You pay a small fee but receive a much greater return on your tax? In order to evaluate your tax returns and get the maximum deduction claims, you need the help of an experienced and well-known accounting firm in Wollongong. ND Accounting is one of the best accounting firms in the Illawarra. Tax codes and formalities can be quite complicated to understand and process. With the help of a professional accounting firm in Wollongong, you will be completely relieved from the hassles of filing your tax.
Don’t get a penalty, especially when your qualified tax accountant will take on the job of preparing and lodging your return.
What do I bring with me to complete my individual tax return
To complete your tax return with ND accounting you will need the following:
- Your Tax File Number
- Group Certificates for all jobs
- Interest Statements (incl. bank interest)
- Information about any Dividends
- Details about any Other Income
- Details of your Deductions including work-related expenses or charitable donations
- A summary from any private health policies
- Some details about your spouse’s taxable income and taxes
Contact ND Accounting today to book in your tax return and avoid lodging late.