All the dates you need to know to avoid a $1,110 fine

If you miss the deadline to file your tax return, you could be fined. (Source: Getty)

Tax season is upon us, which means it’s time to get out your receipts and your calculator or make an appointment with your tax agent.

Although tax time may seem a little tedious, the average Aussie will get back around $2,600, which will make the job a little easier to accomplish.

If you don’t file your tax return on time, you could be fined $1,110. It is therefore important not to miss the deadline.

Here is an overview of all the important dates to circle in your calendar.

When to file your tax return

Officially, the new fiscal year begins July 1, 2022, which is technically the first day you can file your tax return.

However, this is not necessarily the best time to do so.

The Australian Taxation Office (ATO) has warned Australians against filing too soon.

Housing on the first day of the new fiscal year can actually slow down your tax refund while the ATO waits for your employer to provide everything they are required to.

Your employer has until July 31 to provide the ATO with your cumulative salary, super contributions, and PAYG details.

When you log into your MyGov account, your statement will be marked as “tax ready” once this information has been received.

The same goes for information from government agencies like Centrelink, health funds and banks: they have until July 31 to update the ATO.

So the best option is to wait until your statement is “tax ready,” or until July 31 if you don’t want to check your account every day.

When you will receive your tax return

It can take between a few days and 10 weeks to get your tax return.

If you file your return online, it can take up to two weeks, but filing a paper return can take up to 10 weeks.

If you made a mistake or raised a red flag with the ATO, you will wait longer while your documents are checked manually.

You can check the status of your tax return either by or with your .

Once your return has been processed by the ATO, you will receive a notice of assessment telling you if you have to pay additional tax or if you are entitled to a refund.

Deadline to file your return

It will depend on whether you are hosting yourself or hiring a professional.

If you are self-accommodating, you have up to October 31 submit your statement.

If you are using a tax agent, you will need to register with an agent by October 31 and they will have until May 15, 2023 submit your statement.

What happens if you miss the deadline?

If you miss the tax deadline, you can be hit with fines, which increase every 28 days if it’s late.

For the first 28 days late, the fine is $222, but if you are really late, it can increase to $1,110.

However, if the ATO owes you money or you generally have a good tax history, you can often get the fine removed.

The same applies if you have been unable to find accommodation due to a natural disaster or illness.

Deadline to pay ATO if you owe money

If you owe money to the ATO, you must pay by 21 Novemberwhether or not you filed on time.

After this date, the ATO will start charging interest on the amount due.

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