Late and Prior Year Returns

How do I lodge a late tax return?

It’s never too late! Most people generally need to lodge an income tax return every year. However, some may have been too busy, overseas, or found that it was just too complicated to lodge their tax return. If you have not lodged a tax return for a few years or you have a tax return outstanding or overdue, no matter the reason, getting up to date now will give you peace of mind. Just Accounts Accountants can help you with your outstanding tax returns.

Just call us on +612 9702 1616 or +614 0305 3234.

 Are there penalties for late or prior year tax returns?

The Australian Taxation Office (ATO) may apply a “failure to lodge on time penalty”. The penalty is calculated at the rate of one penalty unit for each period of 28 days or part thereof that the document is overdue, up to a maximum of five penalty units.

Size tests also apply, so that the penalty for larger entities is multiplied by either two or five. The penalty is $180 for every 28-day period or part thereof that the returns remain outstanding up to a maximum of $900.

Further, the ATO may issue a default assessment warning letter. This letter will summarise the income on which the default assessment may be based. The letter will also tell you the date by which you must lodge the overdue return if you want to avoid being issued with a default assessment.

The ATO is more likely to apply a penalty if:

• you have more than one tax return outstanding
• you have a poor lodgement history, or
• you have not complied with a request to lodge your tax return.

Can I still submit a late tax return if I don’t have all my documents and receipts?

The ATO collects information about your income from banks, employers, government agencies and other parties. This information is matched to your Tax File Number. With your consent, Just Accounts can help you by checking with ATO your lodgement status, thereby ascertaining which years are outstanding and access those details that have been reported to the ATO.

At Just Accounts, we will work with you to ascertain what deductions may be relevant and assist you to work out how to locate this information. Obviously the more receipts, statements and information you can find at your home or office the easier it will be, but don’t stress about it, there are some deductions you can claim without receipts.

 How else can Just Accounts assist me?

Completing your outstanding tax returns may also result in matching past entitlements for benefits, such as superannuation co-contribution, family payment, baby bonus or education tax refund. If for some of the outstanding years, you were not required to lodge a tax return, Just Accounts can submit a non-lodgement advice and make sure you’re up-to-date with the ATO.

It’s important to understand that once you are up to date with your tax returns, Just Accounts can continue to assist you to keep up to-date with all your accounting records. At Just Accounts, nothing is complicated.

Just call us on +612 9702 1616 or +614 0305 3234.