There’s one week left before tax season is over according to the ATO. And let me guess, you haven’t lodged.

Unless you’re lucky enough to be included in ATO’s new push service. You’ll just have to suck it up and get your filing out the door. Or do you?

Consequences of lodging late

The good news is that the deadline is not absolute (sort of). While there may be a penalty if you don’t lodge on time (before October 31), the ATO is pretty generous here also.

Penalties will not apply if you, if:
– Lodge your return voluntarily, and
– Do not owe any tax payable.

Penalties will most probably apply if you have:
– Poor history of getting lodgements,
– Multiple tax returns outstanding, or
– Not compiled a request to lodge your return.

For your individual return, there are also ways to extend your deadline. One simple way is to use a tax agent. Most individuals, partnerships or trusts can get an “extension” to June 5, 2014. While private companies tax lodgements are due May 15, 2014. You can get more information on tax agent due dates via ATO website.

So in reality, the October 31 date really only applies if you use the Tax Pack or the ATO E-Tax application.

Simplifying your return

A few months ago, we launched Pocketbook Tax – a tool to simplify your return by automatically seeking out possible deductions from your transaction history. Taking you seconds rather than hours.

The way it works:
1. You answer 10 quick questions about your spending.
2. Pocketbook securely imports your FY 2012-13 bank transactions and detects what’s possibly tax relevant.
3. You confirm these transactions and use the reporting to help you during your tax return. Regardless whether you’re using eTax or an accountant.

The tool has been featured on CNET and Lifehacker. So we like to think of it as a true “lifehack”. Try it out here.

With Pocketbook Tax in mind. You may want to think twice about putting that tax lodgement on hold.

Bosco