Don't let the October 31 deadline for tax returns slip by you. It's approaching fast and penalties for late returns could apply to you. Don't ruin your record with the Australian Tax Office unnecessarily; come and speak to one of our experienced accountants.

Avoid what could turn out to be quite expensive penalty fees for lodging a late tax return by having it completed before the Tax Office deadline coming up in just over a week. 

GiffardSim Accountants principal Rob Giffard advised that individuals take care of their tax return as soon as possible to avoid costly penalties, undue stress or losing money they may be entitled to. “If you are a normal tax payer, get it out of the way as soon as possible. Clear it up before Christmas so you’re not thinking about it in the new year,” he said. “If you are lodging your own return, you need to lodge it by October 31 in order to avoid being late. If you lodge through a tax agent the deadlines are usually later, but if you haven’t used an agent before you need to be on their list with the ATO before the 31st,” said Mr Giffard. 

Mr Giffard advised there are considerable benefits for those who lodge earlier rather than at the last minute. “In my experience people who do it earlier in the year have better records so they are better at claiming things. Also as an accountant, it’s helpful when people come in earlier because you have more time to tax plan for that person.” 

He also warned that the penalties for late lodgment could be quite significant. “People need to be aware there are penalties and interest payable. The general interest charge at the moment is 13.75 per cent, an annual rate that is compounded daily, and so it is very, very expensive. If a person owes money and hasn’t paid by the due date, it will affect them.” The way to avoid any unnecessary fees is simple, according to Mr Giffard – get on a lodgment list, or lodge before the due date. All is not lost, however, for those who are late or haven’t lodged returns for previous years. 

“Some people are genuinely late on returns, you can lodge past returns and many people don’t realise they might be sitting on quite a bit of money. And if you don’t owe anything, the ATO generally won’t charge you anything.”

If you are sick of stressing out year after year over your tax, let the friendly and experienced accountants at GiffardSim Accountants located on New South Wales' South Coast in the picturesque Shoalhaven lift some of the burden from you. The accountants at GiffardSim can provide you with expert advice and services and they can help you with your tax return, regardless of whether you have tax returns to complete from years gone by or are just feeling a little overwhelmed by all the paperwork. For further information Rob Giffard and David Sim can be contacted during business hours on 4421 4355.