Late Lodgement of Tax Returns
Since 1 July 2010 the ATO has received 12.69 million tax returns ready for lodgement. From this the ATO has issued 9.69million refunds to the value of $29.51 Billion. The latest ATO service standard figures are available to view at www.ato.gov.au.
However, approximately 4 million Australians and small businesses have not yet lodged their 2010 taxation returns. This is in addition to the 4.3 million who have not lodged a taxation return for the 2009 financial year.
It’s never too late to lodge your tax returns!
Studies have shown that Australian’s are putting off lodging tax return due to financial hardship. In these situations however, it is always best to lodge the tax returns so as to avoid interest and other penalties. The ATO can then assist you with paying off your tax bill through a payment arrangement.
If you lodge your return voluntarily and you don’t owe any tax the Tax Office generally won’t charge penalties.
However, the tax office does have the discretion to charge a late lodgement penalty. The tax office is more inclined to charge this fee if you have: a history of late lodgement, have ignored requests to lodge your tax return, or have more than one tax return outstanding.
The latest ATO service standard results show that the ATO is processing 80% of hard copy tax returns within 42 days, and 94% of electronic returns within 14 days.
Remember that if you lodge your returns through us, we can get an extension period for you to lodge your tax returns. You can also claim a deduction for your accountants fees in your personal tax return for expenses related to managing your tax affairs and preparing and lodging your tax returns and business activity statements.
We can prepare and lodge your income tax returns. Call us now on 02 9411 5422 or email Kara at firstname.lastname@example.org to find out more.