Have you missed the tax deadline?
Not to worry. Sun Accountants can help and here are some tax tips.
Not to worry. Sun Accountants can help and here are some tax tips.
Can I lodge a late tax return?
Yes, you can! Australian tax residents and overseas residents who have Australian income are required to lodge tax return every year. Some people have missed the deadline due to living overseas or finding it too complicated to lodge a tax return. No matter the reason, Sun Accountants can help you with your outstanding tax returns and taxation problems.
Yes, you can! Australian tax residents and overseas residents who have Australian income are required to lodge tax return every year. Some people have missed the deadline due to living overseas or finding it too complicated to lodge a tax return. No matter the reason, Sun Accountants can help you with your outstanding tax returns and taxation problems.
Will late or past year tax returns attract
fines or penalties?
ATO may apply a penalty for not lodging on time. For a small entity, “failure to lodge penalty” is calculated at the rate of one penalty unit for each period of 28 days (or part thereof) that the return is overdue, up to a maximum of five penalty units. One penalty unit from 1 July 2017 is $210.
For a medium entity (assessable income more than $1 million and less than $20 million), the penalty is multiplied by two.
For a large entity (assessable income more than $20 million), the penalty is multiplied by five.
ATO may issue a default assessment for overdue lodgment.
Furthermore, the penalty is more like to apply if:
You have more than one tax return outstanding
You have a poor lodgment history
ATO may apply a penalty for not lodging on time. For a small entity, “failure to lodge penalty” is calculated at the rate of one penalty unit for each period of 28 days (or part thereof) that the return is overdue, up to a maximum of five penalty units. One penalty unit from 1 July 2017 is $210.
For a medium entity (assessable income more than $1 million and less than $20 million), the penalty is multiplied by two.
For a large entity (assessable income more than $20 million), the penalty is multiplied by five.
ATO may issue a default assessment for overdue lodgment.
Furthermore, the penalty is more like to apply if:
You have more than one tax return outstanding
You have a poor lodgment history
Can I still submit a late tax return if I
don't have all my documents and
receipts?
ATO collects your financial aspects from the bank, employers, government agencies and other entities by your Tax File Number.
With your consent, Sun Accountants can check your lodgment status, confirming which years need to be lodged and accessing details on ATO.
At Sun Accountants, we work with you to establish your maximum amount of tax deduction.
ATO collects your financial aspects from the bank, employers, government agencies and other entities by your Tax File Number.
With your consent, Sun Accountants can check your lodgment status, confirming which years need to be lodged and accessing details on ATO.
At Sun Accountants, we work with you to establish your maximum amount of tax deduction.
What other assistance can I get from
Sun Accountants?
Your tax return status may affect your entitlements for benefits from the government, such as family tax benefit, newborn upfront payment, and newborn supplement. Lodging your tax return on time will allow you to get the maximum benefits from the government. If your income does not require you to lodge a tax return, Sun Accountants can help you submit non-lodgment advice.
Your tax return status may affect your entitlements for benefits from the government, such as family tax benefit, newborn upfront payment, and newborn supplement. Lodging your tax return on time will allow you to get the maximum benefits from the government. If your income does not require you to lodge a tax return, Sun Accountants can help you submit non-lodgment advice.
Sun Accountants combines our muti-disciplinary
approach with deep, practical industry knowledge to
help clients meet challenges and respond to opportunities.
