Just a quick reminder that if you have not done your tax yet the absolute deadline is May 14 this year.
Are there penalties for late returns?
The ATO may apply a “failure to lodge on time penalty” which is one penalty unit for each period of 28 days that each return is overdue, up to a maximum of five penalty units. The penalty is $222 for every 28-day period that the returns remain outstanding up to a maximum of $1,110.
The ATO is more likely to apply a penalty if you have more than one tax return outstanding, if you have a poor lodgement history, oryou have not complied with a request to lodge your tax return.
Over the past 10 years we have lodged thousands of overdue tax returns without any penalties. In some cases where penalties have applied, we have generally experienced success in applying for penalties to be remitted.
Click here to book for our over-the-phone or video service or contact your local Accountants Direct or Pop Up Tax Shop representative.
We can easily retrieve all of your details from the tax portal and our process in the most effective, best value and easiest around.
Get in touch with us today to get everything up to date!
For most of us, waiting for a tax refund can seem to take forever.
Around this time of year everyone is keen to see those funds hit their account.
If yours has been delayed it could be due to these reasons.
- you or your tax agent has lodged tax returns for several years at once;
- your return(s) have complex and or higher than usual claims;
- you have a tax debt or previously unresolved tax debt with the ATO;
- you got your bank details wrong (happens more than you’d think);
- the ATO need to verify info – ie they may need to contact your employer, financial institutions, private health insurers to cross-check the information in your tax return;
- the ATO need to check information with other Government agencies, ie Centrelink or Child Support (remember the ATO will pay part or all of your tax refund to other agencies if there are outstanding amounts);
- you or your tax agent has attempted to lodge your tax return twice in a year;
- you or your tax agent has made an amendment before the ATO have finalised your original tax return.
There are many other reasons but these are the main ones.
In any case, the ATO usually will let us (your tax agent) know if there will be a delay and we will follow up for you. Sometimes they may also contact you directly.
Want the best refund, conveniently and at low cost? Book in with us today HERE.
If you’re a resident leaving Australia and will stop receiving income from Australia and are ceasing to be an Australian resident you may be eligible to get your 2020 tax refund now rather than wait till July 2020!
Simply collect a payment summary from each of your employers plus details of other income you have earned while in Australia then give us a call on 1300 TAX SHOP or email us at email@example.com or simply book in by clicking here. We can do it all over the phone at the best value fees around and we’ll usually have your refund to you in weeks!