OK, so 30 June has come and gone — and you’re realising you might be a bit behind on your tax return, super payments, or that home office log you promised yourself you’d keep up to date this year. Don’t panic — you’re not alone!
At Hills Accounting, the Tax Accountant Hobart Trusts, we know better than anyone that life gets busy and even the best-laid plans can slip through the cracks. Whether it’s family, work, or just forgetting the date altogether — it happens to the best of us.
A Little Nudge from the ATO
If you’ve missed the boat this year, you’re not in hot water straight away. The ATO’s first move is rarely a heavy knock on the door — you’re more likely to get a gentle tap on the shoulder. Think of it as a friendly reminder — an SMS, a letter, or a message in your MyGov inbox. It’s their way of saying, “Hey, we noticed you forgot something. Let’s fix this up.”
But if you keep ignoring that tap, it can grow into something bigger. A Failure to Lodge (FTL) penalty kicks in if you don’t submit your tax return on time. The penalty is around $313 per unit, and the longer you wait, the more those penalty units stack up — up to a maximum of five units for individuals. It might start small, but it adds up faster than you’d think.
For More On Penalties: CLICK HERE
Don’t Forget the Interest
On top of penalties, you might also see a General Interest Charge (GIC) if you’ve got overdue tax debts sitting around. Think of it like that parking fine that grows and grows the longer you leave it unpaid.
💡 Heads up: From 1 July 2025, that interest will no longer be tax-deductible — so staying on top of your tax payments now is more important than ever. It’s one of those little changes that can make a big difference if you’re used to writing off those interest costs come tax time.
Got a Good Reason? The ATO Will Listen
Here’s the good news: the ATO isn’t heartless. They know life throws curveballs — illness, natural disasters, or just life getting in the way.
If you’ve got a reasonable excuse, they’re more understanding than people think. And having an accountant in your corner — one who knows how to speak the ATO’s language — makes the whole process a lot less stressful.
Start Fresh: Get Ahead This Year
So, what now? The best thing you can do — besides sorting out last year’s return — is to get yourself set up for a smoother run this financial year. Here are a few quick wins you can tick off this week:
✅ Logbooks: If you’re claiming motor vehicle expenses, make sure you have a valid logbook — or start one now if you’re using the logbook method.
✅ Home Office: Keep a detailed home office log for at least one month if you’re claiming actual expenses — or the whole year if you’re claiming the cents-per-hour rate.
✅ Super Contributions: If you missed the window to top up your super last year, think about a salary sacrifice arrangement for this year — it’s a great way to reduce tax and boost your retirement savings.
✅ Good Records: Keep your receipts and tax invoices safe for at least five years. Good records now mean fewer headaches later.
And Watch Out for Scams
One last thing — tax time is prime time for scammers pretending to be the ATO. If you get any suspicious emails, texts or calls asking you to click links or hand over personal info, don’t do it. When in doubt, call us first — we’ll help you figure out what’s real and what’s not.
We’re Here to Help
Hills Accounting has been helping Tasmanians stay out of tax trouble for over 25 years. We are the Tax Accountant Hobart relies on for the right information.
So if you’ve missed the deadline or you’re just feeling overwhelmed, remember: you don’t have to do this alone. The sooner you tackle it, the easier it is to get back on track — and we’re here every step of the way.
Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.
Talk to Kathy and the team today and stay ahead with Hills Insights.
Call Now! 03 6273 7800, or email admin@hillsaccounting.com.au.