How To Lodge Outstanding Tax Returns
Most people need to lodge an income tax return every year. Having outstanding tax returns can lead to penalties from the ATO.
For self-lodging individuals, the deadline to lodge your tax return is currently the 31st October. If you used an accountant/tax agent to submit your previous tax return, you have until 16 May.
Whether is because you were busy, overseas or too daunted by the process, getting up to date can give you peace of mind.
WHAT ARE THE PENALTIES FOR NOT LODGING ON TIME?
As a general rule of thumb, the ATO is more likely to apply a penalty if you:
- have more than one return outstanding
- have a poor lodgement history
- are non-compliant with other tax matters
The standard penalty is $180 for every 28 day period or part there of that the return is outstanding to a maximum of $900.
The ATO may issue a formal default assessment warning letter, if you continue to fail to lodge. This will contain an estimate of your income for the year that is outstanding. The figures the ATO will estimate will almost certainly be higher than your true position and they won’t include most deductions you’re entitled to.
We can apply to have any penalties you may have received waived once you are completely up do date with all your tax lodgements.
CAN I STILL SUBMIT A PREVIOUS YEAR RETURN?
Yes. We can help by checking your lodgement status with the ATO and ascertain which years are outstanding and what exactly needs to be reported.
We will work with you to determine what your income was for the year in question. Sometimes, this is available straight from the ATO, from employers and others who report this information each year.
CAN I STILL CLAIM DEDUCTIONS ON MY OUTSTANDING TAX RETURN?
The more information you can provide the easier everything will be. Bring in receipts, bank statements and income information you can find at home or work the more, the better. If you can’t find receipts for some deductions don’t worry. If you’re claiming deductions which total less than $300, you don’t need receipts to claim.
HOW DO I LODGE A LATE RETURN?
You can book an appointment to visit us in our office or we now can lodge your previous year tax returns via our Lodge Online page.
If for some reason you might not have been required to lodge a return, we can submit a non-lodgement advice form to the ATO so they know you’re up to date with everything.