Is there a way to file to file an extension using MyTax or do I need to use a tax agent to request it? I'd like to delay my payment of dues to the middle of 2019.
https://www.ato.gov.au/Individuals/Lodging-your-tax-return/ doesn't give me hope but I don't want to start the lodging in case it forces me to file it before Oct 31.
I'm just interested in delaying payment as much as possible. More a convenience than anything else. I'll talk to an agent and see what's possible. Cheers.
To the best of my knowledge the only way to delay lodging (without penalty) is to do it via an agent. Even their deadline however I believe is ~Jan. If you do lodge and you owe money, the ATO will most likely help you setup a payment plan. If you don't lodge by the deadline or don't organise a payment plan with them you will likely be up for a penalty.
I've delayed returns via an agent and filed in June the next year. Unless things have changed recently? Anyway looks like I need an agent. Cheers
Yeah, looks like they can get you until no later than the 5th June to pay, provided you're on their books according to the ATO by the 31st October. But it does look like the ATO can single you out for a different date regardless. (eg, if you've not lodged a previous year in the past).
Will you be getting a refund? Pretty sure there's only a penalty if you will owe ATO money and file late.
I'm fairly sure I will owe money. I won't delay it beyond mid 2019 if that's what you mean by late? I will update once I get this sorted
I see my accountant every May and she submits my return and I always have to pay the ATO. Never been hit with penalties.
That's what I suspected as well. Was hoping to avoid a tax agent. My affairs aren't that complicated. But looks like no choice this time.
What is the reason you need to delay your tax return? Do you expect a large expense coming up that you need the cash?
If not, the real question you should be asking is: does the monetary advantage of delaying exceed that of the tax agent's fee?
E.g. (Ignoring other tax implications) if your tax bill is $10,000 and you put it in a term deposit for approx 8 months at 3% p.a… your tax agent would have to charge less than $200 to make that exercise worthwhile.
1) Use a tax accountant. They have access to tools that us mere mortals don't have, and the good ones can probably get you out of any late filing fines.
2) Put away a portion of your income (if it's pre-tax) so that you're not caught short at the end of the financial year.