Jacob Fenech

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958 appearances 3 recordings 1 series first heard Jun 2021 last heard Jun 2022

Jacob Fenech’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Tax time 2022: things to know (to get the best return) · 23 Jun 2022 podcast

That is 31 October is your due date.

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

So the ATO is pretty good.

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.

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

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

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

A lot of people are, I promise.

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

So, importantly...

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

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

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.

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,

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

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.

Absolutely.

So you can.

MyGov is the easiest way in Australia.

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

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