There is strict penalty regime in place for late lodgement of income tax returns which is based on penalty units. The current base penalty unit is currently $210 for each late period of 28 days (or part thereof) up to a maximum of $1,050.
However, where your assessable income exceeds $1million the base penalty unit can increase to $420 for each late period of 28 days (or part thereof).
Penalties imposed by the ATO are not tax deductible.
Please provide your relevant information to us in time for us to lodge your return by the due date to avoid the possibility of these late lodgement penalties applying.
There appears to be an unwritten administrative practice of the ATO not to impose late lodgement penalties on tax returns that ultimately result in tax refunds. As it is unknown whether this approach will continue we do not recommend relying on it when considering the timing of having your returns prepared. It remains prudent practice to have your returns lodged prior to the due date in all cases.