Have you missed the tax deadline this year? Uh-oh… Want to know what you can do to avoid massive fines?
In today’s 2 Minute Accountant, I’m going share with you a few solutions you can implement even after you’ve missed your tax deadline.
Let’s get started!
The tax deadline for most taxpayers who don’t have an accountant is the 31st of October, each year.
So if you’ve missed this year’s tax deadline, don’t worry. There are still a few things you can do to make sure you avoid fines.
The first thing you need to do is act fast!
It’s important to get on top of it straight away: go get your tax returns lodged.
I would recommend getting in touch with an accountant. They can step in and help you, they’re the tax agent.
An accountant can discuss the possibility of reducing your fines with the ATO (Australian Taxation Office).
Yes, there will be fines. There are fines for non-lodgement for both individuals and for companies. And they’re not insignificant. Some of the fines can be $850 a year, going up to $10,000 a year!
The negotiations with the ATO are extremely important. That’s why an accountant’s communication skills can come in handy at this point.
Do you want longer time to lodge your tax return?
Get in touch with a tax agent to take care of your tax returns and act on your behalf with the ATO. Tax agents have a longer time to lodge tax returns because they’re doing it for a bunch of people.
You might also be interested in: I Haven’t Lodged My Activity Statement On Time, What Do I Do?
Let’s get your tax returns lodged on time!
I can help you create a personalised plan to get your tax returns lodged on time. That will get your business on the right track and minimise your taxes.
Whether you have questions about your taxes, a company set up, business structure or registration, I am here to help you. Let’s get in touch now.