All taxpayers in Australia operate on a standard tax year.However, you may find yourself having missed the deadline or find that you have not lodged your tax return. That is no cause for alarm, we have what it takes to help you through the process; here are some things you should know on how to lodge a late tax return.
Is it late?
It’s never too late. For whatever reason, you may find that you have an outstanding or overdue tax return. The best thing to do is to get up to date immediately. You must realise that procrastinating on lodging the already late will lead to an increase of late tax return fine.
When are penalties applied?
The ATO doesn’t always apply late tax return penalties in every other case. There are times that the Australian Tax Office is more prone to apply a penalty. These times include;
- When you have several outstanding tax returns. One outstanding return may be excused
- When you have a poor tax return lodgement history. Inconsistency is viewed badly and thus attracts penalties
- When you have failed to comply with a request from the ATO to lodge your tax return
It is important to be keen to avoid such circumstances that will put you in bad books with the ATO.
Appealing against penalties
If you have a genuine and reasonable excuse for filing late, you can appeal for the cancellation of late tax return penalty. However you should first file the returns before making the appeal against the penalties.
Whenever you want to appeal, you should do it within 30 days of the issuance of the penalty notice. Appealing after 30 days may lead to its revocation by the HMCR. In the event this happens, you can reach out to the Tax Tribunal and apply to have the allowance of your appeal.
It is possible to submit late tax returns even if you do not have all your documents and receipts. Normally the ATO constantly collect information about your income from various institutions. This information is matched to your Tax File Number. We can help you check your lodgement status and ascertain the years that you have missed and get the details that have been submitted to the ATO.
We are keen on helping you to establish which deductions are applicable to your case. Of course this becomes much easier when there are as many statements and receipts as possible but there are numerous deductions that can be claimed even without documentation.
Take advantage of free-from-refund service
Outstanding tax returns completions may also bring about the aspect of matching any entitlement for benefits that you have had during the period of default. These include such things as baby bonuses, family payments, superannuation contributions and education tax refunds. Taking advantage of these benefits can help you have some fees deducted from your returns
The best way to go about late lodging tax returns is to engage a competent accounting firm like Femia Accountants. Our services are tailored to ensure you are up to date in your tax returns and that you have mastery on lodging tax returns.
Contact our office today on 9316 4500 or book a time to meet with us.