When Do I Need to Lodge My 2015 Tax Return By?

When do I need to lodge my 2015 tax return?

Most people will need to lodge a tax return for the 2014-2015 financial year. Retirees, teenagers and non-citizens all have to lodge tax returns if they meet certain criteria. If you had a taxable income, either from working, investments or dividends that totaled more than the tax-free threshold ($18,200), then you are required to lodge a return. There are further exceptions, but as a general rule, if you earned more than $18, 200 in the 2014-2015 financial year, then you need to lodge a tax return.

Please note that if you have lodged tax returns in prior years but your income this year is below the tax free threshold we recommend you advise the taxation office of the situation OR lodge a tax return to ensure the ATO do not chase you in the future.

When Is Everything Due?

Due dates for returns are dependent on a number of factors. If you’re taking care of your tax yourself—filing a paper return through the ATO or doing your tax online through myTax, you must have your return lodged by October 31 or your return will be considered late.

The ATO has the option of applying a ‘failure to lodge on time penalty’ if you fail to lodge your return by October 31. You are more like to receive this penalty if you have numerous overdue returns or you have attracted tax penalties in the past. The penalty is worked out in 28-day units, so for every 28-day period that your tax return is overdue, the penalty is $170. The maximum that you can be fined for an overdue return is $850. However, as long as you don’t have a poor history and you comply with all requests to lodge overdue returns, it’s unlikely you will attract a penalty.

If you file your return through a registered tax agent, such as Online Tax Australia, the October 31 cutoff date doesn’t apply. Most tax agents have special lodgment dates that extend into the in some cases through to May the following year.

What Happens if I have Overdue Tax Returns?

If you have overdue tax returns, then you can either:

  • Lodge these returns using a registered tax agent such as Online Tax Australia.
  • Prepare and lodge paper tax returns
  • Lodge online through myTax, although this option generally only allows someone to complete the previous year return and not earlier year returns.

If you make the choice to lodge your tax through Online Tax Australia, you can use our easy, ATO-approved software to lodge all your outstanding returns online without having to leave the house.

The important thing to remember about lodging overdue returns is that each tax year has special instructions and regulations. The taxation rules that were applicable at the time the return was due must still be adhered to. So, if you have a return from 2010 outstanding, then you need to consult the specific instructions and rules that were applicable for that financial year.

Will Overdue Tax Returns Affect My 2015 Return?

You can only lodge your 2015 return after you have lodged all other outstanding returns. This means that the due date of your 2015 return will be altered by the outcome of your outstanding returns. For example, if you lodge your 2014 return and you owe the ATO more than $20,000, the due date for your 2015 return will be brought forward.

Overdue tax returns have a flow on effect and can cause disruption to future tax returns. This obviously isn’t an ideal situation when so much financial planning is done around the bracket of the financial year.

Some people rely on their tax return to book an end of year holiday, pay off a personal loan or put away for Christmas presents. It is important you lodge by 31 October or contact a registered tax agent to do it for you. Even if you dodge the financial penalty, filing one tax return is far easier and less time consuming than having to lodge multiple returns.

Get in contact with Online Tax Australia and the whole process will be a breeze. You don’t have to leave your house, and you will be conducting everything through a registered tax agent.

Why Choose Online Tax Australia for all Your Tax Online Needs?

  • You can discuss your tax return with us—experienced, professionally qualified, transparent accountants—at any time.
  • Fixed Price, Tax Deductible Fees (no surprises)
  • Experienced, professional tax agents check your tax return.
  • We deliver the maximum possible tax return within just 14 days, at an extremely affordable, fixed price (that is completely tax deductible).
  • We are 100% committed to providing you with the best, most effective online tax return solutions and services. Our number one priority is ensuring that you have complete peace of mind when it comes to your tax.
  • Our website is completely secure, ATO-approved, and operated with absolute integrity. We deliver a service you can trust and recommend.

Contact Online Tax Australia for All Your Online Tax Return Needs

If you’ve been searching for an experienced, professionally qualified, transparent accountant to take care of all your online tax return needs, then contact the friendly team at Online Tax Australia today:

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