If you receive a salary that surpasses the current tax-free threshold of $18,200 you are expected to file a tax return. Even if you are paid less than this threshold, you may still be required to submit a return – we can help you to decide if you need to. Therefore, if you have yet to submit a tax return, don’t worry, it’s not too late.

It’s a necessity to file your income tax return annually, but you may not have done so due to various reasons such as being too occupied, being abroad or just because it’s too complicated. If you have not filed your tax return in some years, or if you have one that is overdue, it’s a good idea to get it done for your own peace of mind. If you do not lodge, the ATO may apply certain sanctions and penalties to compel you to do it or charge you for lodging late. Our tax consultants can help you with any neglected returns, just call 13 23 25 or find the closest office and book an appointment.

Is there a case where I don’t have to file a tax return?

If your income is less than $18,200 and you paid no tax, you may not have to file a tax return. However, it is essential to send a non-lodgement advice to the ATO to make sure they don’t think you need to lodge a return. If you don’t submit the advice, the ATO could take steps to make you lodge a return. We can assist with filing the non-lodgement advice.

What is the penalty for not filing a tax return?

If you don’t file your tax return by the due date, the ATO will give you a Failure To Lodge (FTL) penalty. This is calculated according to one penalty unit per every 28 day period or a part thereof that it is overdue, with a maximum of five penalty units. The cost of each penalty unit is $275, which makes the maximum penalty for an individual – $1,375.

Generally, the penalty is automatically imposed, however, it is not typically imposed on returns with either no tax liability or that yield a reimbursement. If a penalty is applied, the ATO may consider remitting it if there are extenuating circumstances, like a natural calamity or serious illness.

Are there any repercussions for submitting a tax return after the due date?

When attempts to penalise you for not filing a return have not been successful, particularly in cases of multiple years of non-submission, the ATO can issue a default assessment. This is essentially a calculation of your income, based on the information the ATO has stored.

The estimates given by the ATO are rarely correct, usually overestimating the tax liability due to disregarding deductions. If you disagree with the default assessment, you must provide evidence of the actual tax liability, rather than just claiming the ATO’s numbers are wrong.

Could I be held legally responsible if I do not submit a tax return?

It is not always the case, but the ATO does have the ability to take legal action against those who do not file tax returns. The most severe punishment that can be imposed for prosecution is a fine of up to $9,000 or a jail sentence of up to 12 months.

Is there a possibility I will be subjected to an audit if I choose not to submit a tax return?

It is commonly held that if you file your taxes late you may be more likely to be subject to examination by the ATO. If you enlist the services of Tax Solutions Group to manage your late tax return, your tax consultant will be on hand to help should the ATO have any queries.

What action should I take if I have not yet submitted my tax return?

You will be tracked down by the ATO if your tax returns have not been filed. To avoid this, it is important to act quickly and make sure your documents are in order. We strive to make the process run smoothly and, if there is a chance of avoiding a fine, we will do our best to plead your case to the ATO.

We can frequently fill in any missing income data by accessing the pre-filled information that was sent to the ATO by outside sources like employers and banks. If you don’t have records of deductions, we’ll collaborate with you to decide what you can claim.

Filing your overdue tax return can be done with the help of Tax Solutions Group.

Bringing your tax returns up to date can assist you in claiming entitlements like the superannuation co-contribution and family tax benefits. Initially, you will have to pay the normal fees, however, if your late lodgements return a refund, our Fee-From-Refund service can be used to deduct the fee from the refund. In the event it turns out you didn’t need to lodge a return for certain past years, we’ll submit a non-lodgement advice for you.

Tax Solutions Group is available to help.

Tax Solutions Group is here to help you reduce the possibility of submitting late tax returns by filing them for you, or even if you have several late tax returns, we can help. Visit https://www.taxsolutionsgroup.com.au/book-free-consultation/ to get the assistance you need.