You must lodge an income tax return every year. However, you might fail to lodge your tax return on time due to being too busy, being overseas, or not understanding the process and finding it too confusing. Anyone who has overdue tax returns may get penalised by the ATO, leading to them owing money. No matter the reason for failing to lodge your tax return on time or at all, getting your finances up to date by lodging overdue tax returns will provide you with some peace of mind.
Do you need to lodge an old tax return, or have various late tax returns you need assistance with? AIM S Australia is a Melbourne based accounting firm that can help you get up to date with your taxes. We will assign one of our certified tax accountants to check your status with the ATO and help you with correctly filing old tax returns.
People with late tax returns may incur a “failure to lodge on time” penalty of approximately $222 from the ATO for every 28 day period or part thereof that their tax return is outstanding. This penalty will continue to accumulate until it has reached a maximum of $1,110.
If you continue to neglect your responsibility to lodge your overdue tax returns, the ATO might send you a formal default assessment warning letter. This letter will include an estimate of your income for the year you did not lodge a tax return for, for which the ATO can use to issue you with a default assessment. The amount of tax you owed as estimated by the ATO will likely be more than what you originally owed and will not include any deductions you are eligible for. The ATO may even prosecute you for not lodging overdue tax returns if they deem it necessary to do so.
The short answer is yes, and this is something which AIM S Australia can help you with. Our tax accountant can check your current tax lodgement status with the ATO to verify what years you did not lodge a tax return for and what exactly they require you to report. Once this has been taken care of, our tax accountant will speak with you to ascertain how much income you made during the year you did not lodge your tax return for.
AIM S Australia can help you with filing old tax returns. Having a consultation with a tax accountant at our office in the Melbourne CBD is a straightforward and stress-free way of getting your taxes back in order. After our accountant has helped you get back up to date with your late tax returns, they can continue to help you to stay on top of your taxes throughout the year and remind you when your tax return is due so it’s not late again.
If you’re looking for a firm that can help you with filing old tax returns, feel free to contact our team in Melbourne. Call us on 1300 112 467 or send an online enquiry today to book a consultation with one of our certified tax accountants.