It's Never Too late to Lodge the Tax Return - Accounts NextGen

Jul 14
01:21

2020

Accounts NextGen

Accounts NextGen

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The majority of people in Australia need to lodge the tax return annually during the financial year. However, many fail to pay the tax on time or lodge the tax return late. Some people and business entities cannot file tax on time due to some circumstances and file up late. But it's never too late to file the tax, and all you need is to go to the Tax Office and file the tax return as soon as possible. People can lodge for the tax return till October 31st unless prepared by the tax office.

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How Can One Lodge for Tax Return?

 

It's never been late for the tax return. Some people are busy at work and may find the process of the tax return too complicated. But if you haven't lodged for the tax return for years,It's Never Too late to Lodge the Tax Return - Accounts NextGen Articles then you need to pay the tax return overdue and get up to date with the tax office.

By contacting the tax return office, you can go through the outstanding tax return and file your tax.

 

Are There Any Penalties for Late Tax Returns?

 

The ATO may charge the penalties on the failure of the lodge tax return. However, the penalty on the late tax return will be calculated for each 28 days delay. They may be charged on overdue tax returns with five penalty unit maximums.

 

Also, the business entities having maximum tax overdue may have the penalty of five-unit and even more. This may be up to $210 for the delay of 28 days and may increase if the delay is more.

 

The small business entities and medium business entities with a turnover of $1 million and less than $20 million have to pay the fine multiplied by the five-penalty unit. The penalty would be;

  • 28 days delay= $210
  • 56 days delays= $360
  • 84 days delays= $540
  • 112 days delays= $720
  • 113 days delays= $900
  • And even more, if delays extend than 113 days

 

The ATO, in case of delay in tax payment, may issue the warning letter. In the letter, the detail of the income and overdue tax return has been included. This penalty may include;

  • You have a poor lodgement record.
  • More than a tax return
  • You may not have complied with the lodge tax return.

 

However, no matter how late you got to lodge the tax return, you can still pay the tax by filing the tax with a penalty.

 

But sooner you will pay the tax, you will be free from the penalty. In case if you don't have a receipt of income and don't have a record of the documents, you still can file the tax return.

 

The ATO collects all the relevant pay records from the banks. This will help you in filing the tax quickly. By matching the record with your tax file number, you will be able to file the tax and comfortable lodge without paying extra debts in the form of penalties.