Forgotten to lodge your tax return? Adelaide accountant Kym Nitschke shares what you need to know if you’ve fallen behind, or are having trouble with documentation for lodging taxes.
We’ve all been there: so busy taking care of one thing that we entirely forget about another!
It’s easy for life to sneak up on you when it comes to your tax obligations. You may have fallen behind with your tax one year, then the next thing you know, two or more years have passed by.
What should you do if you are lodging a tax return long after it’s due?
First of all, don’t put it off any longer. Even if you aren’t sure about what items have or have not been lodged, our team at Nitschke Nancarrow can help you sort it out.
The Consequences of Late Lodgement
The Australian Taxation Office (ATO) may apply penalties for failure to lodge. It’s possible that the ATO may overlook the neglect, but you will likely receive a penalty if:
– you have more than one outstanding tax return
– you have a poor lodgement history, or
– you have not complied with a direct request to lodge your tax return
We understand that some extenuating circumstances in life make it genuinely difficult to fulfill your tax reporting obligations. An event such as illness or a death in the family can affect whether or not you lodged your returns. In such a serious case, we can send a letter to the ATO to request that any penalties are remitted.
What If I Can’t Find All the Documents I Need to Produce the Tax Return?
The good news here is that the ATO is on top of this. The ATO collects information about your income from your employer, banks, government agencies and public company dividends. This information is matched to your Tax File Number. An accountant can help you locate this information.
In fact, there are some deductions that you will still be able to claim even without receipts.
Of course, the more information you have the better. But try not to worry too much. We can work with you to collect the necessary information and ensure that your tax obligations are up-to-date. Our tax and accounting experts here at Nitschke Nancarrow will give you advice and recommendations tailored to your personal situation.
Give us a call on (08) 8379 9950 and we’ll help you get back on track with lodging your tax return. Or Send me an email to get more details.
– Kym Nitschke