Millions of tax returns are submitted each and every year in Australia and yet there are quite a few who fail to send their returns in a timely manner. There are in fact a few deadlines for those submitting a tax return. You have the paper submission deadline and second, an addition few months, for which electronic submissions can be submitted. However, what happens if you actually miss these deadlines?
A Penalty May Be Charged To You
One of the biggest issues Australians have to worry about when submitting their returns is if they’re late, there may be a small penalty or fine. Usually this isn’t more than a few hundred dollars but still it can be costly whether or not you have the money to hand over. Also, if you miss the deadline by several weeks or months, you could actually get into a lot more trouble. There is a lot of money that can be added to a fine or penalty for those who fail to submit their tax return on time. It can be very costly and something you probably cannot afford.
Any Tax Refunds May Be Delayed
For most people, they are entitled to some form of refund however; tax refunds are often delayed when people miss the deadlines. Now it’s usually still handed out but it can take a lot of time to be processed and it’s a bit of a wait. This is something you can actually avoid when it comes to your refund; if you submit before the deadline, you can receive your refund in a timely manner. If you fail to meet the final deadline then the refund or anything you might receive will take far longer to reach you. You might be in real need for this so it’s best to avoid missing the deadline.
Does It Matter If You Surpass The Final Deadline?
To be honest, it might not seem like such a big deal to overshoot the deadline by a day or two but in reality it’s not a good thing. People have in fact had several long months to make the preparations and to submit the tax returns so there isn’t any real excuse not to make the deadline. It is different if you fall into the special category of not earning enough or working casually which might mean you don’t have to submit a return but usually there aren’t any excuses in failing the deadline. However, if you do miss it, it really just spells more trouble and hassle for you, no-one else.
Don’t Miss the Deadlines
There aren’t many who really like the idea filling out tax returns or indeed sending them away but it is a necessary practice. The longer you leave it, the worst it can be which is why you ideally need to send off quicker. If you’re struggling to do this, you can always ask for help from a tax professional. Remember, if you miss the deadline you face a fine and it causes a lot of problems for you. When in need, look for help; why not use taxreturn247.com.au?