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What to do if you haven’t lodged your tax return!

What to do if you haven’t lodged your previous tax returns!

In most cases you will need to lodge an income tax return every year. However, there may be a number of reasons that you are yet to do so –Unsure of the outcome, too busy, not sure where to start?

If you haven’t lodged a tax return for a few years or you only have one outstanding, we can help to ensure these are lodged and that you are meeting your tax obligations

If you continue to not lodge these, the ATO can apply a number penalties which will increase over time. Our Accountants can help you with your overdue returns and also look at a number of ways to pay any outstanding tax debts, call our office on (03) 5561 8618 or book an appointment online today.

What if I don’t need to lodge a tax return?

Even if you beleive you do not need to complete a return it’s important to submit a non-lodgement advice to the ATO which explains that you don’t need to lodge and ensures they don’t list you as having an outstanding return. Without a non-lodgment advice, the ATO will assume you need to lodge and may issue penalties.

Whats the fine if I don’t lodge a tax return?


Failure to lodge (FTL) on time penalty may be applied if you’re required to lodge a return or statement by a particular day, but don’t. These penalities can start from $240. The ATO can provide you with further details
https://www.ato.gov.au/general/interest-and-penalties/penalties/

Will I get prosecuted if I don’t lodge a tax return?

Although its uncommon, the ATO can prosecute for failing to lodge tax returns. The maximum penalty is $8,500 or imprisonment for up to 12 months.

Will I get audited if I don’t lodge a tax return?

If you lodge your return late, it is believed you may be at a higher risk of being reviewed. Our Accountants will be able to ensure you’re receiving the result your entitled to and minimise the risk of being audited.

What should I do if I haven’t lodged a tax return?

If you currently have outstanding returns you must ensure you get your tax returns up to date ASAP. We will make this process as painless as possible. If there’s a possibility penalties can be remitted, we’ll contact the ATO on your behalf and lodge a request.

Have missing information or lost your payment summaries? We can often fill in the gaps by obtaining pre-filled information sent to the ATO. If you haven’t kept records of deductions, we’ll work with you to establish what you can claim.

Once you are up to date with your returns, did you know that lodging your returns through a registered agent means you’ll have extended due dates going forward. By seeing one of our Accountants you’ll potentially have until May the following year to lodge.

Our Accountants can help you with your overdue returns and also look at a number of ways to pay any outstanding tax debts, call our office on (03) 5561 8618 or book an appointment online today.

Get In Touch

P.O. Box 495
78 Henna Street, Warrnambool, VIC
Phone: (03) 55 618 618
Fax: (03) 55 618 600
Website: www.shbbusiness.com.au
Email: office@shbbusiness.com.au

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