Tax Deadline Looming: What to do to Avoid a Penalty

Australian taxpayers who have not yet submitted their Tax Returns have less than a week. They have to fix the situation in order before they start accumulating late lodgement fees.

For taxpayers submitting their own returns, the official last lodgement date is October 31^st, 2020. However, since October 31^st is a Saturday, this has been moved forward to Monday, November 2^nd.

If you need more time, this October 31^st rule does not apply if you are on a registered tax agent list by 31^st October. This is a quick and easy process and as simple as sending us a message via any of our platforms.

Scammers

It is also important to note that scammers are on the rise in approaching the tax deadline day. Taxpayers should never send their myGOV details, passwords, credit card. Bank details, driver’s license, and passport details to anyone.

Scammers can also make full use of victims. The full name, date of birth, and current address if those details are combined with the above details.

Phishing scams lure victims into passing over personal details by pretending to be respected groups. They use the ATO or Australia Post, with email scams leading the way, followed by phone calls and text scams. Australians need to be vigilant when it comes to their email inbox.

This means taking a good look at the senders’ email address to see if something doesn’t seem right, even things such as spelling errors or an email address that has nothing to do with the business or group they claim to be representing.

There is one golden rule in that if something looks too good to be true, it probably is. Even the converse may apply. That means if the ATO is offering a bigger refund, or demanding any tax debt should be paid urgently, you should get in touch with your tax agent as soon as possible and never give your personal details to people you don’t trust.

If you’re not entirely sure about the process to lodge your tax returns, don’t be afraid to give us a call or send us an email beforehand and one of our specialists will be more than happy to guide you through the process.