Do you have late and overdue tax returns? We’re here to help you get caught up.
Are overdue tax returns worrying you and keeping you awake at night? You may have just one late tax return. Or perhaps you have a number of late tax returns and you’re feeling overwhelmed by the barrage of ATO warning letters you’re receiving.
No matter why you’ve fallen behind, or how far behind you are with your outstanding tax returns, getting up to date now will give you peace of mind and a great sense of relief.
We’re accountants in Melbourne who are experienced in assisting taxpayers all across Australia with their late tax return obligations. We’re here to help you get back on track and stay on track.
What our clients are saying about our Late and Overdue Tax Return service:
Last year I contacted Corinne at Platinum to help dig me out of a hole I’d made for myself with some back tax returns. Corinne and the team were absolutely fantastic from start to finish. Put my mind at rest, super efficient and sorted everything with the ATO for me. Couldn’t ask for anything better – and so I’m back this year and all done already in the same friendly and efficient manner. I rarely leave reviews – but this one has to be written… Thanks Corinne and team for the great work – much appreciated! – Gordie
When it comes to late and overdue tax returns, the sooner you get them done, the better. Avoiding the situation will not make the problem disappear; it will actually worsen it.
The Australian Taxation Office (ATO) can impose costly late penalties and interest charges that only increase with time. The longer you delay lodging your overdue tax returns, the more difficult it will be to have these penalties reversed or reduced.
But don’t let that worry you either. Our experienced tax accountants have helped clients across Melbourne lodge up to 20 years of overdue tax returns. We’ve also successfully negotiated hundreds-of-thousands in debt reductions with the ATO on behalf of our clients.
In some cases we find that taxpayers, despite being behind with their taxes, are in fact due a tax refund in some or all of their late tax returns. It’s possible that you are needlessly worrying about late tax returns that actually owe you money.
The great news is that once you’re up to date with your tax returns, we’ll be here to assist you with staying on top of your future tax return obligations and ensure you never have an overdue tax return again.
Are you an individual with overdue tax returns?
Most individual taxpayers who earn more than the tax-free threshold or hold an ABN need to lodge an income tax return each year.
If you lodge a tax return yourself, you need to lodge your own tax return by 31 October in respect of the previous income year ended 30 June.
However, if you’re like 70% of Australians who prefer to lodge a tax return with the assistance of a Registered Tax Agent, you will generally enjoy an extended tax return due date of 15 May the following year. That’s almost an entire year after the end of the financial year.
If you are required to lodge tax returns and you have missed one or more tax return deadlines, we recommend that you contact us now to get your prior year tax returns up to date. You may even be due a tax refund.
If a tax return remains overdue, you risk receiving a default assessment from the ATO. This is generally the worst-case scenario and it’s costly for you. The ATO prefers to work with taxpayers to help them address tax return late lodgements but will resort to a default assessment if the taxpayer is not cooperative.
How we can help you meet your individul tax return obligations:
- We’re qualified accountants who specilise in late tax return matters
- We provide you with tips and tools to lodge a timely tax return each year and overcome a poor lodgement history
- Liaise with the ATO on your behalf to remit or waive penalties, late fees and general interest charges where possible
- Prepare a non lodgement advice if a tax return is not required
- Provide professional advice with all aspects of tax return preparation and guide you with tax deductions
- Assist you with ATO payment arrangements and cash flow management
- Provide timely reminders about tax return deadlines and general tax matters via Instagram and Facebook
Are you a business with overdue tax returns?
If you’re a business with overdue tax returns you may also have other overdue taxes and reporting obligations such as:
- Business Activity Statements (BAS)
- Taxable Payments Annual Reports (TPAR)
- PAYG withholding annual reports
- Single Touch Payroll
- Workcover remuneration declarations
- Employee superannuation
- Superannuation guarantee charge statements
- FBT returns
- Annual GST returns
Each of these overdue tax documents can attract a failure to lodge (FTL) penalty; and the FTL penalties and interest can mount up quite rapidly. Penalty units vary depending on the type of document that is outstanding. Currently, one penalty unit is $222 and can be imposed in multiples.
As a business owner, it is especially important that you meet your tax obligations on time. Overdue tax documents can often indicate lax business records and poor bookkeeping. Not only that, it can signal to the ATO the possibility of black economy activity and undeclared income. This will certainly subject your business to ATO scrutiny.
How we can help you meet your business tax and reporting obligations:
- Provide bookkeeping services to get your income and expense records organised and accurate
- Cloud accounting software training to give you the know-how to manage your record keeping. Talk to us about our Xero software training services.
- Liaise with the ATO to request additional time to lodge outstanding taxes and other reports.
- Liaise with the ATO on your behalf to remit or reduce penalties, late fees and general interest charges where possible
- Assist you with ATO payment arrangements and cash flow management
- Provide scheduled reminders about upcoming tax deadlines via Instagram and Facebook
For more information about how we can assist you with Late and Overdue Tax Returns, please see our blog article here which will answer many of the frequently asked questions you have about overdue tax returns.
Contact us now to speak with an experienced tax consultant and take the first step towards the relief of having your tax returns and obligations back on track. We specialise in late tax returns assistance.
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