What are late tax returns and why do they matter?
Book a serviceLodging tax returns past the deadlines imposed by the Australian Taxation Office (ATO) is referred to as late tax returns. Delays in timely lodging of taxes lead to the following:
- Penalties: A $330 fine is imposed by the ATO for every 28-day delay in lodging the tax returns.
- Interest: Late tax returns increase the unpaid tax debts, increasing the overall amount.
- Missed Opportunities: Missing lodging tax returns impacts benefits such as Family Tax Benefit or Child Care Subsidy.
If you have missed the deadline or are concerned about the penalties, reach out to Accountants Direct for professional assistance and a streamlined process.
Overdue Tax Returns: Why It's Time to Take Action.
Book a serviceFailing to meet the overdue tax returns deadline can expose you and your business to legal consequences that restrict your business’s access to tax refunds or government benefits. With Accountants Direct, you can address this challenge seamlessly, as our experts will guide you through the lodging process that ensures minimal effort and maximum benefits.
Risks of Filing Late Tax Returns:
- ATO Penalties: Up to $330 for every 28 days overdue.
- Interest on Tax Debt: Ongoing daily interest charges can add up fast.
- Missed Refunds and Benefits: Delayed refunds or access to benefits like Family Tax Benefit or Child Care Subsidy.
Navigate the challenges of late tax returns with Accountants Direct, where our experienced tax specialists assess the required details and provide solutions to ensure accurate and hassle-free lodgement.
How we help you lodge late tax returns
Expert Assessment
Our first step is understanding your unique situation. Whether you’re missing one tax return or several, we’ll assess the details and create a tailored plan to bring your tax filings up to date.
Penalty Management
Lodging late tax returns doesn’t always mean you’ll face harsh penalties. We’ll negotiate with the ATO on your behalf to minimise fines and interest where possible, showing your intention to comply.
Lodgement Made Easy
Our team prepares and lodges your overdue tax returns accurately, ensuring compliance with ATO requirements. All “paperwork” is handled online or via mobile, making the process fast and convenient.
Why choose Accountants Direct?
Experienced Accountants
Supported by a team of skilled tax specialists, we make lodging tax returns, seamless and stress-free.
Maximising Refunds
Conduct an extensive analysis of your business and the implications, enabling us to uncover every deduction, rebate, and concession to maximise your refund.
Hassle-Free Process
Handles the entire process from initial assessment to the final submission with meticulous attention to detail, so that your business can focus on core objectives.
Affordable Rates
Stay compliant and up-to-date with ATO rules and regulations with Accountants Direct, offering competitive pricing compared to traditional practices.
You are sorted with Accountants Direct
Let’s fix your late tax returns today
FAQs about filing late tax returns in Australia
What happens if I lodge my taxes late?
The ATO may charge penalties and interest on overdue returns, but acting quickly can help reduce these charges and avoid further complications.
Can I still claim deductions and tax offsets on a late tax return?
Yes, even when lodging late tax returns, you are entitled to claim eligible deductions, offsets, and rebates to maximise your tax benefits.
What if I owe back taxes?
We can assist in negotiating a manageable payment plan with the ATO to help ease financial pressure and stay compliant.
What should I do if I’ve missed multiple years of tax returns?
No need to worry. We specialise in managing overdue filings for multiple years, ensuring all outstanding returns are lodged accurately and efficiently.
Can tax specialists help reduce penalties for late submissions?
Yes, our tax specialists can liaise with the ATO to minimise penalties and interest by demonstrating your commitment to resolving overdue returns.