Late or Prior Return
A client should file late tax returns before the ATO catches up with you and insists on penalties
By law you must file your tax returns by their due dates. If you do not, you may have to pay a late filing penalty. Late filing penalties apply to:
- Income tax returns
- GST returns
- Residential land withholding tax
- Foreign investment pie (portfolio investment entity) period returns
Review the information below:
- When penalties apply: If you owe taxes and do not file a tax return or extension on time. You will incur different penalties. If you filed your return or extension on time, but do not pay the taxes you owe by the tax deadline.
- When penalties generally don't apply: If you are expecting a refund and do not file a tax return on time.
Many traders have not filed last year’s tax returns for various reasons. If you are in this situation, do not worry — we can help. Contact our firm as soon as possible and save yourself from headaches and more substantial penalties down the road. It is very usual but ATO might get you if you ignore their warnings repeatedly. We can prepare your tax return reasonably quickly if you provide all the tax information and documents.
Why You Should File Your Past Due Return Now
- Avoid interest and penalties
- Claim a Refund
- Protect Social Security Benefits
- Avoid Issues Obtaining Loans
- Avoid from freezing your future refunds