How to Lodge Late or Previous Year Tax Returns

How to Lodge Late or Previous Year Tax Returns

Have you been late lodging your tax return? For whatever reason, you might have forgotten or been unable to pay. Unfortunately, the ATO is not going to be as understandable as a friend you might owe money to. There are some consequences you will need to face, although things don’t get serious unless you really want to make it hard for yourself.

Whatever the case may be, it is best to act on the situation straight away by consulting with professional tax accountants to look at the possibility of getting your tax return waived or paying it straight away to avoid incurring further penalties or even legal action by the ATO.

In many cases, you are not required to lodge a tax return, but still need to comply with the ATO requirements and lodge a non-lodgement advice form with the ATO. Our accountants in Melbourne can help you lodge the required documents. A lot of trouble can be avoided by meeting with our personal tax accountants who can easily sort these matters out quickly and easily.

How Much Do I Have to Pay as Penalty for Not Lodging a Tax Return?

For every 28 day period that you fail to lodge a tax return, you will need to pay $210, but this could be more for certain types of tax returns. This figure will continue to increase until it becomes $1050. After that, if you still fail to lodge your tax return, the ATO will issue a formal assessment warning letter and further legal action may follow. There is no tax deduction available for penalties paid to the ATO.

To learn more about lodging late tax returns and to find out how we can help you with our tax preparation services, contact AIM S Australia today.

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