Late Tax Return – What You Need to Know
If you have a late tax return, we’d recommend you to claim it as soon as you can. In fact, the ATO makes it clear that you must lodge a tax return for every year or notify ATO that return is not necessary to lodge.
Late Tax Return – How Can You Claim an Overdue Tax Return?
• With a tax agent
• Via paper
Late Tax Return – What are the facts?
According to the ATO, online lodgements for tax returns for 2013 and earlier is not available.
This means that if you are not eligible to lodge an earlier year’s return, you will need to lodge either with a registered tax agent or via paper.
Here at Online Tax Return we can help you get all your paperwork sorted, retrieve essential information from the ATO on your behalf and lodge your overdue return.
NOTE: While your overdue tax return is never “too late”, the ATO never forgets about and unclaimed return. So, let’s make sure that you get on top of your late tax to avoid any penalties!
Late Tax Return – The Most Common Case Scanarios
Late Tax Return 1
“I LOST MY PAYG AND I HAVE NO RECORD OF MY PREVIOUS INCOME”
The team of accountants at Online Tax Return can retrieve your tax records directly from the ATO (provided that your employer has uploaded your information to the tax portal) and help you complete your tax return. Usually, we would include your PAYG summary and your income from bank interest and government agencies.
Late Tax Return 2
“WHAT IF I OWE THE ATO MONEY OR I CAN’T AFFORD TO PAY THE OVERDUE TAX”
Regardless of your current financial situation, it’s better to lodge your late tax return as soon as you can to avoid any ATO fees and accrued interest in your account.
However, if you can’t afford to pay an ATO bill, Online Tax Return can help you schedule a payment with the ATO. This ensures that your taxes get lodged accurately enough for a successful refund.
Late Tax Return 3
“I EARNED LESS THAN THE TAX-FREE THRESHOLD OR I HAD NO SOURCE OF INCOME FOR ME TO BE ABLE TO CLAIM”
In both cases you’ll have to notify the ATO and instead of lodging a late tax return, you’ll be required to submit an ATO “non-Lodgement Advice”, which lets the ATO know about your non-tax return lodgement.
If you think this applies to you, please start and sign a return for the years you have outstanding.
We’ll check your records with the ATO and confirm whether you need to lodge a late tax return, or a Non-Lodgement Advice and we’ll help you get it done as soon as possible.
Let Online Tax Return Help
The team at Online Tax Return are experienced and knowledgeable in Australian taxation law, and can assist you and you to stay compliant with all applicable trust regulations.