Late Tax Return / Overdue tax Return Lodgement in Australia

Of all the things that can be stressful in life, one that sticks out like a sore thumb is overdue tax returns. You might not be aware of this, but there are a considerable number of people out there who have failed to lodge their tax returns on time, and that means they have put themselves at risk of major financial penalties from the Australian Taxation Office (ATO).

If you are one of those people, it’s essential that you recognise that there is a way out – and that’s by getting your tax returns up to date. In this blog post, we will discuss the importance of lodging your overdue tax returns and what you can do if you find yourself in this situation.

Why Should You Lodge Your Overdue Tax Returns?

 
First and foremost, it’s important to understand why it is necessary to lodge your overdue tax returns. If you fail to file them, you risk severe financial penalties like fines, interest, and even possible legal proceedings from the ATO. Additionally, you may miss out on receiving any tax refunds that you are entitled to.

Moreover, if you remain non-compliant, the ATO may take action, such as initiating garnishments on your earnings, bank accounts, or even your properties. Therefore, it is essential to stay compliant with your tax obligations to avoid any adverse consequences.

What Measures You Can Take to Lodge Your Overdue Tax Returns

 
Now that we’ve stressed the critical importance of lodging your overdue tax returns let’s move on to how you can lodge them.

You can call the ATO or use their online services,  which may require obtaining a unique code via a telephone call for authority purposes. Alternatively, you can turn to licenced tax agents who can file and manage your taxes for you.

If you’ve been unsettled by unforeseen life circumstances or hardship, be sure to check with the ATO for guidelines on how to take care of your overdue tax returns. This may entitle you to reasonable agreements/more reasonable repayment terms.

In Summary

 
In conclusion, staying up to speed with the ATO and filing your tax returns within the appropriate timeframe is vital. We hope you now understand why it is necessary to lodge your overdue tax returns and how you can take further steps to sort out this issue.

Although it might sound like a daunting task, rest assured that there are always solutions available. Whether it’s filing your overdue tax returns with assistance from a tax agent or finding guidance and support from the ATO, remember that the beginning of your tax return journey starts with one step – from small beginnings, great things may come.

At AIMS Australia we prepare Individual Tax Returns, Sole Trader Tax Returns, Partnership Tax Returns, Trust Tax Returns, Company Tax Returns, Crypto tax returns, Expat tax return, Non resident tax returns, overdue tax returns, foreign resident tax returns, investment property tax returns, payroll solutions, late tax filing, capital gains, company formation, business setup, and BAS. You can call us on 1300 11 24 67 or email us at info@aimsaustralia.com.au