In Australia, it is compulsory to lodge a tax return unless you are below the tax free threshold, or tax-exempt.
You should even lodge a tax return if you suffer a loss or have no tax to pay.
There are strict penalties, fines and interest on late tax return filing and payment.
And if you don’t lodge a tax return by the required date, you could be liable for severe penalties.
For example, if you lodge a late return (say from the previous year), you will need to pay the penalty for that even before lodging your current tax return.
Most taxpayers, including individuals, must lodge their returns by 31st October, or inform the ATO they are not required to lodge.
Fortunately, it is never too late to file an individual, business or trust tax return – and at Tax Return Perth we are always available to assist you when needed.
When a tax return is lodged through a registered tax agent then, depending upon the type of return, the due date may be extended to May 15 of the following year.
This gives registered tax accountants and tax agents valuable extra time to lodge your return.
Lodging a late return can be cumbersome and complex – especially when dealing with older tax laws.
Of course, you are still required to lodge an income tax return for every year you earn income.
But fortunately, you can save a lot of pain and hassle by using Tax Return Perth accountants.
For those who think they can escape paying tax, doing so will likely cost them much more money due to the ATO’s heavy penalties and fines.
At Tax Return Perth, let us take care of your late tax returns – and help us save you extra money.
For individuals who do submit a late return, you may be liable for up to $900 for each instance, as well as further interest on the late payments.
The prospect of avoiding a fine is slim, as the ATO can issue ‘garnishee’ notices and begin recovery proceedings almost immediately.
The ATO’s data matching and compliance software is also improving every year.
Tax Return Perth have a team of experienced, expert tax return consultants ready and waiting to help with your late tax returns.
We offer one-on-one, hassle-free service all our clients – as well as a free, first consult and fixed-fee quote.
We bring your tax affairs up-to-date, while also providing expert tax-related guidance.
Our dedicated tax agents are skilled in maintaining your financial health – so contact us today for an efficient and free consultation.