How Can One Lodge for Tax Return?
It’s never been late for the tax return. Some people are busy at work and may find the process of the tax return too complicated. But if you haven’t lodged for the tax return for years, then you need to pay the tax return overdue and get up to date with the tax office.
By contacting the tax return office, you can go through the outstanding tax return and file your tax.
Are There Any Penalties for Late Tax Returns?
The ATO may charge the penalties on the failure of the lodge tax return. However, the penalty on the late tax return will be calculated for each 28 days delay. They may be charged on overdue tax returns with five penalty unit maximums.
Also, the business entities having maximum tax overdue may have the penalty of five-unit and even more. This may be up to $210 for the delay of 28 days and may increase if the delay is more.
The small business entities and medium business entities with a turnover of $1 million and less than $20 million have to pay the fine multiplied by the five-penalty unit. The penalty would be;
28 days delay= $210
56 days delays= $360
84 days delays= $540
112 days delays= $720
113 days delays= $900
And even more, if delays extend than 113 days
The ATO, in case of delay in tax payment, may issue the warning letter. In the letter, the detail of the income and overdue tax return has been included. This penalty may include;
You have a poor lodgement record.
More than a tax return
You may not have complied with the lodge tax return.
However, no matter how late you got to lodge the tax return, you can still pay the tax by filing the tax with a penalty.
But sooner you will pay the tax, you will be free from the penalty. In case if you don’t have a receipt of income and don’t have a record of the documents, you still can file the tax return.
The ATO collects all the relevant pay records from the banks. This will help you in filing the tax quickly. By matching the record with your tax file number, you will be able to file the tax and comfortable lodge without paying extra debts in the form of penalties.