Worried about late tax return lodgements and do not know where to start…

Filing your tax return late can be stressful, but it’s important to address the issue promptly to avoid further penalties and complications. Here’s what you need to know and how to get started on the right track.

1. Understand the Consequences

Failing to lodge your tax return on time can result in several consequences:

• Penalties: The ATO can impose fines for each 28 days your return is late, up to a maximum amount.
• Interest Charges: You may incur interest charges on any outstanding tax liabilities.
• Delayed Refunds: Any tax refunds owed to you will be delayed until your return is lodged and processed.

2. Gather Your Documents

Start by collecting all the necessary documents to complete your tax return. These may include:

• Income Statements: Such as payslips, payment summaries, and other income records.
• Expense Receipts: For any deductions you plan to claim, including work-related expenses, charitable donations, and investment costs.
• Bank Statements: To verify income and expenses.
• Previous Tax Returns: If applicable, to ensure consistency and accuracy.

3. Use Online Tools

The ATO provides various online tools and resources to help you lodge your tax return. The myGov platform allows you to link your account to the ATO and access your tax information. You can use the myTax tool to lodge your return electronically, which is often quicker and more accurate than paper lodgements.

4. Seek Professional Help

If you’re unsure where to start or your tax situation is complex, seeking help from a tax professional can be beneficial. A registered tax agent can:

• Review Your Situation: Assess your current tax position and identify any potential issues.
• Prepare Your Return: Ensure your tax return is accurate and complete.
• Lodge on Your Behalf: Submit your tax return to the ATO and handle any follow-up queries.

5. Communicate with the ATO

If you know you’ll be lodging your return late, it’s a good idea to contact the ATO as soon as possible. They may grant extensions or offer payment plans to help manage any outstanding tax liabilities. Proactive communication can also demonstrate your willingness to comply, potentially reducing penalties.

 

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Need Help with Late Tax Returns?

At Tax Accounting Adelaide, we understand that life can get busy, and tax deadlines can be missed. Our experienced team can help you get back on track, ensuring your tax returns are lodged correctly and on time. Contact us today for professional assistance and peace of mind.