The Importance of Lodging Outstanding Tax Returns
Each month we will be updating our clients with important information relating to our business and your needs. We aim to share awareness about accounting, bookkeeping, taxation and tax returns.
Do you still have an outstanding tax return?
Affordability is one of the most common reasons why individuals fail to lodge their tax return or business activity statement (BAS). However, failure to lodge a tax return in Australia can result in further financial penalties and even a criminal conviction (severe tax fraud). You can read more about the Australian Taxation Office (ATO) penalties for failing to lodge on time, here.
Anyone who earned an income within the last financial year is required to complete a tax return, even if you’ve earned below the tax-free threshold. If you do end up owing money to the tax department, the ATO are generally reasonable about repayments and will assist you to work out a repayment plan.
We urge all our clients to lodge their outstanding tax returns before March 31, 2018 and avoid the ATO contacting you by phone or mail. Like us on Facebook to keep up to date with all our important news and reminders.