Most people generally need to lodge a tax return every year. If you haven’t lodged a tax return for a few years or you have a return outstanding, contact the Tax Office as soon as possible. If you lodge your return voluntarily and you don’t owe any tax the Tax Office generally won’t charge penalties.
You have from 1 July to 31 October each year to lodge your tax return unless it is prepared by a registered tax agent. If you can’t lodge by 31 October you need to contact the Tax Office before 31 October to discuss your situation.
If you lodge your tax return late the Tax Office may apply a failure to lodge on time penalty.
The Tax Office is more likely to apply a penalty if you have:
- more than one tax return outstanding
- a poor lodgement history, or
- not complied with a request to lodge your tax return.
In any case, no matter how late you are, the sooner you lodge your return the better. We have had clients who have been as much as 18 years behind and we have gotten them up to date. You can imagine their relief when that was finally done for them.
One of our clients had penalties of $8,165.56 and another had $78,262.10 of penalties. We managed to get their penalties negated for them which was a huge relief for them. We may not be able to do it for everyone but so far we have a 100% success rate!
We don’t judge why a person is late or has so many years back log. We just get on with the work of getting them the best return for all the years they need and taking the load of their shoulders.
Call us today on for a confidential chat at our offices. It’s never too late to lodge overdue Tax Returns. It will be the best stress relief you will ever feel.
To find out more please call us on +61 2 9086 9444