Lodge your tax return on time to avoid ATO penalty
“If you spend too much time thinking about a thing, you’ll never get it done.” – Bruce Lee
Tax payers who has the overdue tax returns, may get the penalty and interest from the ATO for non-lodgment of tax return on time. The tax return should be lodged by the 31st October of each year for the Financial year ending, that year.
Failure to lodge (FTL) on time penalty may be applied if you’re required to lodge a return or statement with ATO on a given date, but you didn’t.
ATO recognize that sometimes people don’t meet their lodgment obligations on time, even with the best intentions. Generally, ATO don’t apply penalties in isolated cases of late lodgment.
ATO will warn you by phone or in writing if you’ve failed to lodge. If ATO apply FTL penalty ATO will send you a penalty notice stating the amount and due date of the penalty, which may be from $ 110.00 to $ 2750.00 depending upon the circumstances
If you are found to be avoiding tax, a new range of penalties can apply, both financial and legal.
If you haven’t lodged a tax return for several years, it’s easy to think, “Why bother now, they’ve obviously forgotten me”.
The Tax Office will be a lot kinder if you front up and admit your predicament rather than wait for them to track you down. The ATO says that in most instances refunds are due to the taxpayer, so you’re just penalizing yourself.
But given the sophistication of the ATO’s processes, it’s only a matter of time before they’ll catch up with you.
Did you know that ATO conducts the data matching with the reports received from the different sources like banks for the payment of interest, employers for payment of wages, companies for payment of dividends etc. that is matched up with individual tax return?
The Tax Office also follows the sales of things such as new boats and cars and matches them against tax returns to see if the buyer can “actually” afford the purchase.
Then there are the annual ATO targets of specific occupations that are a little tardy with their tax. In the past, builders, car repairers, fishermen and teachers have been targeted.
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SOURCE:- ATO & SMH