What happens if you’ve missed the 31 October tax returns deadline?

More than two weeks has passed since the 31 October deadline for submitting your tax returns. Each year, you must submit your returns to the Australian Taxation Office (ATO) on this date for the financial period stretching from 1 July to 30 June – but not everyone meets the cut-off.

A week after the lodgement deadline, the ATO said more than 9.5 million people had successfully completed their tax returns on time, but the organisation confirmed there were still Australians who were yet to do so.

Are you one of the people who missed the deadline? Or perhaps you lodged your returns late and would like to avoid the same problem next year? Let's take a closer look at what you can do in these circumstances.

Contact the ATO

The ATO has reminded anyone who misses a tax deadline that it's never too late to remedy the situation. However, ATO Assistant Commissioner Graham Whyte said the sooner that people get in touch with the organisation, the better.

"If you are having trouble with your tax return, my advice is to contact us before we contact you. We can work with you to help you lodge – in most cases without penalties," he explained.

"We find that people get concerned when they get behind and then put things off. Remember it's your money and better off in your pocket."

According to Mr Whyte, taxpayers that owe a debt usually must pay by 21 November, and the ATO may apply a failure to lodge penalty in certain scenarios.

Plan ahead

Missed the cut-off this year? You'll probably want to prepare better in the future, particularly if you incurred a penalty. As such, you should contact a registered tax agent who can submit your returns on your behalf.

Registered tax agents will ensure everything is completed correctly, and they also benefit from using a lodgement system that allows them to submit returns for individual clients after the 31 October deadline.

Would you like to learn more? Please contact WMC Accounting today.