What happens if I miss the deadline to lodge my tax return?

If an individual misses the deadline to lodge their tax return with the Australian Tax Office, there may be several consequences. Firstly, the ATO may impose late lodgment penalties, which can accumulate over time, leading to increased financial liability. The penalties are typically calculated based on how late the return is lodged. Furthermore, missing the deadline could delay any tax refund that may be owed, leading to longer waiting periods for the taxpayer to receive their money. In addition, the ATO may take action to estimate the tax liabilities of the individual based on available information, which can potentially result in a higher tax bill compared to what the individual would have owed if they submitted their return on time. It is also worth noting that continued non-compliance can lead to more severe actions, such as audits or other enforcement measures. Taxpayers who have missed the lodgment deadline should consider filing their return as soon as possible to mitigate these consequences. For detailed guidance and any applicable updates, one can refer to the relevant sections of the ATO website for more information regarding late lodgment options and consequences.