Overdue Tax Returns
Do you have late and overdue tax returns? We’re here to help you.
Are overdue tax returns worrying you? Perhaps you have a number of overdue tax returns and you’re feeling overwhelmed by ATO warning letters.
No matter why you’ve fallen behind, or how far behind you are with your tax returns, getting up to date now will give you peace of mind.
We’re accountants in Melbourne who are experienced in assisting taxpayers meet their overdue tax return obligations, and we’re here to help you get back on track.
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, in fact it may worsen it.
The 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.
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 from the ATO.
Once you’re up to date with your tax returns, we’ll assist you with staying on top of your future tax return obligations.
Are you an individual with overdue tax returns?
Most individual taxpayers who earn more than the tax-free threshold (currently $18,200) are required to lodge a tax return.
If you prepare your own tax return you have from 1 July to 31 October to lodge your tax return for the previous income year ended 30 June.
However, if you’re like 75% of Australians who prefer to lodge their tax returns with a registered tax agent, you will (in most cases) enjoy a tax return deadline of 15 May the following year. That’s almost an entire year after 30 June.
If you are required to lodge a tax return and you have missed one or more tax return deadlines, we recommend that you contact us now to get your tax affairs up to date.
Are you a business with overdue tax returns?
If you’re a business with overdue tax returns you may also have other overdue tax obligations such as:
- Business Activity Statments (BAS)
- Taxable Payments Annual Reports (TPAR)
- PAYG withholding annual reports
- Single Touch Payroll reports
- FBT returns
- Annual GST returns and information reports
Each of these overdue tax documents can attract ‘failure to lodge’ penalties; and the penalties can mount up quite rapidly.
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. Furthermore, it can signal to the ATO the possibility of black economy activity and undeclared income.
For more information about how we can assist you with Late and Overdue Tax Returns, please see our blog article here.
Contact us now to take the first step towards the relief of having your tax returns and obligations back on track.