We see a lot of clients who have missed lodging a return or two over the years and now have an overdue tax lodgement situation. Often these people are afraid and put off doing their overdue tax for a lot of reasons, but ultimately they always feel better once their affairs are sorted out. Here’s some of the common things we hear, and our responses.
Sadly it won’t. The ATO will always catch up with you sooner or later if you fail to lodge. They tend to be more lenient with people who get their overdue tax up to date voluntarily, than those they have to chase, so don’t bury you head in the sand – come and see us.
The ATO can charge penalties for overdue tax returns and BAS but often choose not to do so, especially if there are extenuating circumstances for the lateness. Once we get your taxes done and establish the situation, we can help you craft an application to the ATO to reduce or remove any penalties imposed.
Many people don’t lodge because they’re trying to delay paying off a tax bill they expect to incur. If you have a tax liability, it’s far better to know how much you’re up for and have a clear lodgement record so that you can make plans to pay it off. The ATO sometimes give reduced interest (or even nil interest) terms on payment plans – but they will usually charge the full amount of interest on overdue lodgements so it makes sense to lodge on time. It’s also worth noting that the ATO’s interest rate is high compared to what you might get from a bank. If necessary, we can help you apply to a bank to finance your tax debt.
We understand how stressful some people find financial matters. We try to make the process of catching up on your overdue tax as easy and painless as possible. You will definitely feel better once you’re up-to-date and have a system in place to keep a track of your affairs.
Getting your overdue tax done and staying up to date makes a big different to how the ATO views you and they tend to show leniency to people who make an effort to try help themselves and do the right thing.
Come and see us, even if you think your records are incomplete. The ATO can provide us with a lot of the information needed to lodge a salary and wage tax return. Even if your return is more complex, we are experts at reconstructing financial information from limited records and have other tools we can use to work out your tax.
"We have been using Haslam Consulting and Accounting for over seven years to look after our bookkeeping. We have found their serive to be outstanding on both a professional and cost effective level. Having our accountant do bookkeeping increases their understanding of our business and frees up our time to work on growing the business." Craig Lloyd, Director Craig Lloyd Painting Services
Phone: 1300 427 526
Address: 15 Melway Crescent
HARRISTOWN QLD 4350,
If you buy an asset by 30 June and it costs less than $20,000, you can write off the business portion in your 2018 tax return.
Are you running behind on employee superannuation payments?
If so, you’re in luck.
Kelly O’Dwyer, Minister for Revenue and Financial Services, has just announced a Superannuation Guarantee Amnesty.
You have 12 months to get your unpaid super in order.