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Jacob Fenech

πŸ‘€ Speaker
958 total appearances

Appearances Over Time

Podcast Appearances

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

That is 31 October is your due date.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

And it's usually 21 days after that that you're due to actually physically pay any tax.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

So the ATO is pretty good.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

Usually a refund is within a couple of weeks, 14 days, if you've got a refund with your tax return, unless there's anything funky going on and they're looking a little bit deeper.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

They do that all the time as well, so it shouldn't be scary.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

It's usually 14 days that you get your refund or 21 days you have to pay the tax after the due date.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

Importantly, if you're behind in your taxes, don't stress.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

A lot of people are, I promise.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

But it means that taxes are due still 21 days from your original due date.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

So, importantly...

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

I don't know, these are quickfire questions and I've just ruined your scheme.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

But I want to say like the ATO, I don't want to speak on their behalf, but they're pretty good.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

If you explain your circumstance, even if you've got, we call it GIC or general interest charge that's been added to your account because you're late in filing.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

If you're helpful in providing a reason and you actually pay not inclusive of that GIC or interest, if you pay your liability that's owing,

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

they're likely to actually remit the interest, which is nice.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

So I would say that that's an important takeaway is get your returns up to date as quick as you can, pay any liability that you are owing and then see what they can do around the interest charge.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

Absolutely.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

So you can.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

MyGov is the easiest way in Australia.

Australian Finance Podcast
Tax time 2022: things to know (to get the best return)

There's a heap of other tax programs out there, some free, some not, but otherwise tax agents are the other easy way too.