The majority of people in Australia need to lodge the tax return annually during the financial year. However, many fail to pay the tax on time or lodge the tax return late. Some people and business entities cannot file tax on time due to some circumstances and file up late. But it's never too late to file the tax, and all you need is to go to the Tax Office and file the tax return as soon as possible. People can lodge for the tax return till October 31st unless prepared by the tax office.
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;
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;
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.
Five lean things your accounting dept. can do immediately to help cash flow.
When it comes to business operations or financial management, cash flow is undoubtedly the true king. It doesn't matter whether you are running a very successful business or having a hard time managing the operations; healthy cash flow is the key to various things. It is pivotal in making your purchasing of assets, growing policies, future financial plans, or we can say even a day to day operation of a business firm requires healthy cash flow.
What needs to be on your daily financial planning checklist?
With the complexity and unpredictable nature of today’s economy, people have now started focusing more on financial planning. However, for most people, it can be incredibly hard and overwhelming to manage the finances, especially on a daily basis because, after the global pandemic, people are now more struggling with their financial situations.
Problems related to E-filing cause some serious problems to 15 September tax returns
A large number of people have faced difficulties in E-filing. Especially those persons faced difficulties who are using at least two products of Illinois based company CCH (formerly known as Commerce Clearing House).
