How to lodge late or previous year tax returns?
Have you been late at lodging your tax returns? For whatever reasons, you became late at it. The ATO however is not going to understand it like when you fail to return your friend’s money. There are some consequences although things don’t get that serious unless you really want to make it hard for yourself.
Whatever the case maybe it is best to act on it straight away and consulting a professional to look at possibilities of getting them waived or paying them straight away so as not to incur further penalties or legal action by ATO.
In many cases you are not required to lodge a tax return but still comply with ATO requirements and lodge a non lodgment advice form with ATO. We can ascertain that for you and lodge the required documents accordingly. A lot of trouble can forgone by meeting a professional Tax Agent who can easily sort these matters quicker and easier than you think.
How much do I have to pay as penalty for not lodging my tax returns?
For every 28 day period, if one fails to lodge the tax returns, one has to pay $210 could be more in certain types of tax returns. This keeps increasing until it becomes $1050. After that, if someone still fails to lodge the tax, the ATO issues a formal assessment warning letter and further legal action may follow.
Also there is no tax deduction available for penalties paid to ATO.
Certainly as they say prevention is better than cure. So, it’s the best thing if you don lodge your returns. But if you don’t, it’s not the end of the world. You will have to do a little work but you will catch up soon.
Is there any chances of penalties being waived?
There are instances when ATO may waives some or full amount of penalties. As their aim is not to hurt citizens but only make them more aware of lodging tax returns, they may waive penalties in cases with reasonable grounds that prevented you from lodging on time. This could be due to medical emergencies, losing access to source documents required for tax preparation, other personal compelling reasons.
However, they are likely to not waive any penalties if following are true:
a) you have more than one returns left
b) you have a bad history at lodging tax returns or paying tax debts
Things can certainly get easier from here on if you take guidance from professionals like Accurate Business & Accounting Services. We could also assist you in making an application to the ATO to get penalties waived if we deem them to be unreasonable or your circumstances were unfavorable to have cost you that penalty.
Can late return be submitted?
Now you might be thinking of paying the tax even if it’s late and catching up to where you need to be and that’s the only sensible thing to do. Although, it might sound bit confusing, it can be done.
Visit ABAS tax accountants. We will work with you and prepare your tax returns, ATO statements and make a route for you to follow so that the path to tax lodging can be easy and hassle free.
We will also find out what kinds of deductions you can still get. You have to bring your bank statements, receipts and any sort of documents that reveals your financial information and with your consent.
We can lodge all your previous years tax returns be it 2 years or 10 years.
We have quick turn around times for urgent matters. We can also attend to your notices or demand letters from ATO for non- lodgement or late lodgement. We could speak to ATO on your behalf to take extensions and get all your tax matters up to date within ATO guidelines saving you thousands of dollars in penalties.
Enough talk-How do I lodge my late tax return?
Making matters complicated is the last thing you need when you are falling behind at tax returns. You have to catch up to where you need to be, otherwise things are just going to pile up more and more.
First, you can book an appointment to Accurate Business & Accounting Services and visit our office. Now that you have some professional guidance, you can figure out the processes in detailed manner. It is going to be hassle free, error free, transparent and trustworthy.
If you fall under the category to not have to lodge a return, we will file a non-lodgment advice to ATO. Furthermore, any deductions that can be asked, any sort of advice, Tax guidance will be provided to you.
We will also advice you how to keep records of financial information and give advices regarding being on time for the next lodging.