Tax Agent In Melbourne Providing Tax Return, Accounting & Bookkeeping Services.

Prior Year or Late Tax Returns

15 Jun

Prior Year or Late Tax Returns

Have you missed to lodge your past year Tax Returns?

Have you received penalty notice from the ATO?

Do you have query regarding your Tax liability to the ATO?

 

Experts at Tax Purpose can answer your all questions!

We all know that it is compulsory to lodge an Australian tax return every year, still sometimes it remains not lodged because of some other priorities in our life. There could be any reason for you not to been able to make Tax Return Lodgment on time in past years.
Don’t worry, it is common to happen and with assistance of Tax Agent at Tax Purpose the issue is easy fixed. The ATO applies Failure to lodge (FTL) on time penalty if you’re required to lodge a returnby a particular day, but you don’t lodge.

You may get questions like;

How does FTL (Failure to lodge) penalty calculation work?

The penalty is calculated at the rate of one penalty unit for each period of 28 days or part thereof that the return is overdue, up to a maximum of five penalty units. For a medium entity penalty is multiplied by two and for a large entity is multiplied by five.

More delay = More penalty

What if I don’t have income related documents for the past year tax returns?

The ATO collects information about your income from banks, employers, government agencies and other parties. This information is matched to your Tax File Number. Tax Agent at Tax Purpose has access to this information and can help you to complete your Tax lodgments.

if you have any pending past year Tax returns, we strongly recommend to get it done as soon as possible to reduce the risk of a penalty.

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