An overdue tax return is when you go past the deadline to submit your tax return to the Australian Taxation Office (ATO). It is when you have not submitted your tax return by the due date, and this can result in penalties and interest and potentially delay the refund.
Even though going past the deadline will leave you anxious, you need to be assured that you can still do something about it. Here at ISM Accountants, we can help you file your late tax return in a timely manner, as quickly as possible and with minimal negative impact.
What If Your Tax Return Is Late?
If you’ve lost track of the tax return deadline in Australia, don’t worry – you’re not alone. The Australian Taxation Office (ATO) will penalise late lodgment, but it’s always a good idea to move quickly.
Here’s what happens if you lodge your tax return late:
- Late Filing Penalties: The ATO will charge you a penalty if your tax return is filed late. The longer you wait, the greater the penalties and interest on unpaid tax will be.
- Delayed Refunds: If you are entitled to a tax refund, the ATO will not give it to you until you lodge your return.
- Possible Legal Action: In some cases, chronic late filing may lead to legal action being instituted, including fines or other penalties.
At ISM Accountants, we can help you file your overdue tax return in a quick manner and minimise any penalty. Contact us today for professional help.
What are the Steps to Lodge Your Overdue Tax Return in Australia?
It may sound scary to file a late tax return, but it’s a simple procedure if you know what to do. If you’ve been late by a couple of days or months with your tax return, you should get on with it as soon as possible before penalties accumulate further.
In this section, we’re going to walk you through the most crucial steps in filing your overdue tax return in Australia and becoming friends with the ATO again.
- Get Organised with Your Papers: Your priority should be gathering your income statements, bank interest statements, PAYG summary, and other records associated with your income and deductions.
- Calculate What You Pay or Receive Back: You can work out what you have to pay or your potential refund. If you’d rather not do it yourself, our experts at ISM Accountants can do it for you accurately.
- Submit Your Tax Return: Submit your outstanding tax return online via myTax (if you are an individual), or by a professional accountant. ISM Accountants can help you lodge your outstanding return correctly and without errors.
- Pay Your Tax: If you have a tax debt, it’s worth paying as soon as possible. If you’re unable to pay in full, don’t panic – the ATO offers payment arrangements. Find out more about our services.
Ready to take control of your finances? Contact best accountant near you for your consultation today!
How to Avoid Overdue Tax Returns in the Future?
The most effective thing to do regarding late tax returns is avoid them occurring in the first place. By putting a little thought and organisation into it, you can guarantee that your tax returns are in on time every year.
- Set a Reminder for Tax Time: Keep track of the tax filing dates and set reminders to ensure you don’t miss the deadline next year.
- File Early: Filing your tax return early reduces stress and helps you avoid last-minute issues.
- Get Professional Help: Consult with an accountant every year to ensure your tax return is accurate and filed on time. ISM Accountants can help with all your tax filing needs.
If you’re looking for help with your taxes, contact ISM Accountants for expert advice
What Happens If You Cannot Pay Your Taxes Immediately?
Don’t worry about how you’re going to pay your past-due taxes. There are ways to assist:
- Set a Reminder for Tax Time: Keep track of the tax filing dates and set reminders to
ensure you don’t miss the deadline next year. - File Early: Filing your tax return early reduces stress and helps you avoid last-minute
issues. - Get Professional Help: Consult with an accountant every year to ensure your tax return
is accurate and filed on time. We can help with all your tax filing needs.
You can take professional help to be safe from penalties.
What If I Can't Pay My Taxes on Time?
Don’t worry about how you’re going to pay your past-due taxes. There are ways to assist:
- Payment Plans: You can pay the tax in installments over time with the help of the ATO’s payment plans. The financial load may be lessened as a result.
- Tax Debt Relief Options: An Offer in Compromise (OIC), which enables you to pay less
than what you owe on your taxes, may be available to you in certain circumstances. - Ask for Help: Our staff at ISM Accountants can assist you in finding the right course of
action if you’re unclear about how to handle your past-due tax return or payments.
Contact us if you need assistance. - Payment Plans: The ATO offers payment plans so you can pay your taxes in instalments over time. This can help ease the financial burden.
- Tax Debt Relief Options: An Offer in Compromise (OIC), which enables you to pay less than what you owe on your taxes, may be available to you in certain circumstances.
- Ask for Help: Our staff at ISM Accountants can assist you in finding the right course of action if you’re unclear about how to handle your past-due tax return or payments. Contact us if you need assistance.
Conclusion
Dealing with late tax returns can be overwhelming, but it is important to move quickly in order to avoid penalties. Filing your tax return as soon as possible and paying the amount of taxes that you owe can get you back in the race.
If you need help with your late tax return or any other tax issue, ISM Accountants can assist you. Our experts can help you catch up on your taxes, minimise penalties, and get you compliant with the ATO Australian Taxation Office.
FAQ (Overdue Tax Returns):
The ATO will impose late filing penalties and interest if you fail to meet the deadline. You will pay less if you file sooner rather than later.
Yes, you can file your overdue tax return online through myTax or get help from a tax professional like ISM Accountants to file it for you.
The ATO recommends filing overdue tax returns as soon as possible. There’s typically a 2-year window to lodge your tax return to avoid further penalties.
Yes, the ATO offers payment plans if you can’t pay your tax debt in full. ISM Accountants can help you set this up and guide you through the process.
