Let Us Help Get You Up To Date

When you have been involved in a business that completes thousands of tax returns each year, for more than 25 years, you’ve heard just about every excuse why people delay or avoid lodging their returns.

Regardless of the excuse you fall back on, the obligation to lodge a return does not go away via avoidance. Delaying returns may end up getting you in even more trouble with the ATO.

But for every excuse, there is an answer. Consider the following list of commonly used delay justifications and the help that can be provided:

It’s going to be too much work as I have been really bad at keeping records

(i) We can often access a lot of information about you directly from the ATO.
(ii) It’s never as bad as you think, we can help you by letting you know exactly what we need.
(iii) The longer you leave it the harder it’s going to get to reconstruct your income and deductions.

I am going to have a bill and cannot afford to pay

(i) If you end up with a debt owed to the ATO, most of the time we can get a payment arrangement for you that is within your capacity to afford.
(ii) Delaying the returns risks the bills getting bigger via late lodgement penalties and fines.

I am getting refunds so I will wait a few years to get a lump sum – the ATO won’t mind

(i) Yes the ATO does mind – late lodgements (even with refunds) can make it more likely you will be audited at some stage in the near future.
(ii) And if the ATO does owe you money – wouldn’t the money be better in your pocket?

I do not work or earn very little income, so don’t need to lodge a return

(i) This may well be true, but you may need to let the ATO know – especially if your circumstances have recently changed.

(ii) Even with no or low income, if you have rental properties or earn money via an ABN you may still need to lodge.

So what are the positives of keeping your tax lodgements up to date?

(i) If you are entitled to Centrelink payments, you need to keep your return lodgements up to date.
(ii) If you want any sort of finance, lenders usually require your tax returns to be up to date.
(iii) Avoiding ATO fines and penalty interest.
(iv) Avoiding default assessments from the ATO – where they include only income from the information they have, but no deductions – leaving you to pay more then you need.
(v) Child support obligations.

So whether it’s one year, three years or ten years, take the first important step towards getting your lodgements back on track by contacting us at service@affintasaccounting.com.au or phone 07 3510 1500.