Bottrell Accountants, Financial Planners & Tax Agents

East Maitland Accountants & Financial Advisors, Newcastle Accountants & Financial Advisors

How do I lodge a late return?

Professional accountants & business services in East Maitland

Navigating Tax Deadlines and Late Returns: A Comprehensive Guide by Bottrell Accountants & Financial Planners

With a steadfast presence in Newcastle, East Maitland, Gold Coast, and Gosford, Bottrell Accountants & Financial Planners is committed to ensuring that individuals stay informed about tax deadlines and the consequences of late returns.

Our Tax Return Meetings are provided by:-

  • In Person (In Our Offices)
  • By Zoom, Teams or Google Meetings
  • Online (By Email)
  • Mobile Tax Returns

 

Our appointments are available:-

    • Monday to Friday:
      • Standard Hours – 7.30am to 5.30pm
      • After Hours appointments 5.30pm – available on request
    • Saturday Appointments:
      • 8.30am to 2pm.

Current Deadlines:

  • Self-Lodging Individuals: October 31
  • Accountant-Submitted Returns: May 15 (for some individuals)

While most people are required to lodge an income tax return annually, circumstances such as busyness, overseas commitments, or the daunting nature of the process may lead to falling behind. It’s essential to recognise that outstanding tax returns can result in penalties from the Australian Taxation Office (ATO). Regardless of the reasons for late lodgement, catching up and submitting overdue tax returns can provide peace of mind.

Penalties for Late Lodgement:

Failure to Lodge on Time Penalty:

  • Standard penalty: $275 for every 28-day period or part thereof that the return is outstanding,
  • Up to a maximum of $1,375.

Default Assessment Warning:

Continued failure to lodge may prompt the ATO to issue a formal default assessment warning letter, estimating income for the missing year.

ATO estimates may not reflect true positions, and in extreme cases, non-compliance may lead to prosecution.

ATO Penalty Waivers:

The ATO may consider waiving penalties under certain circumstances.

Factors influencing waiver decisions may include multiple outstanding returns, poor lodgement history, and non-compliance with other tax matters.

Submitting a Late Return with Bottrell Accountants, Tax Agents & Financial Planners:

The first step to lodging a late return is to visit Bottrell Accountants, Tax Agents & Financial Planners.

Bottrell Accountants, Tax Agents & Financial Planners can check your lodgement status with the ATO, determine outstanding years, and identify necessary reporting.

With your consent, Bottrell Accountants, Tax Agents & Financial Planners assists in determining your income for the specified year, utilising available information from the ATO and other reporting entities.

Identifying eligible deductions is part of the process, and providing information such as receipts, bank statements, and income details enhances accuracy.

Receipts aren’t mandatory for deductions totalling less than $300.

How to Lodge a Late Return:

Booking an appointment and visiting a local Bottrell Accountants, Tax Agents & Financial Planners office is the most efficient way to address outstanding tax returns.

Bottrell Accountants, Tax Agents & Financial Planners can submit a non-lodgement advice form to the ATO if, for any reason, you weren’t required to lodge a return.

Once up to date, Bottrell Accountants, Tax Agents & Financial Planners provides ongoing support, supplying record cards, logbooks, and reminders for future return due dates.

Stay on top of your taxes with Bottrell Accountants & Financial Planners. Find your nearest office and book an appointment today to ensure your taxes are in order, eliminating stress and securing financial peace of mind.

Addressing Mistakes:

  • If you realise a mistake in your tax return, don’t panic. It’s a common occurrence, and the key is to address it promptly. Ensuring meticulous information gathering and supporting documentation when filing your tax return is essential. Only claim genuine deductions to avoid penalties and potential prosecution by the ATO. If you self-lodge and identify inaccuracies or unsubstantiated claims, contact Bottrell Accountants & Financial Planners immediately for assistance in making necessary amendments.

For any further questions regarding your tax return, reach out to Bottrell Accountants & Financial Planners. Our experienced consultants are ready to help. Call us at 02 4027 5782 for details or book an appointment online at your nearest office.

What happens if I make a mistake in my tax return?

Exercise caution when assembling information and supporting documentation. Only claim genuine deductions to avoid penalties or prosecution. If you realise errors, promptly contact your accountant for necessary amendments.

About Bottrell Accountants, Tax Agents & Financial Planners

Our Accountants office, founded by Director Gavin Bottrell in June 2012, offers a range of advice services, including Personal Tax Returnsaccounting, SMSF, business advice, and business growth to small, medium, and large businesses as well as individuals across Australia.

Bottrell Accountants & Tax Tips – See Link 

Office Locations

Main website – www.bottrellaccounting.com.au

Bottrell are your local team providing expert Tax Advice, Accounting, Audit, Bookkeeping, SMSF & Financial Planning services.

Contact us Today!

Contact us today at Bottrell Accounting. Our dedicated team is ready to assist clients like you. Call us at 4933 6888 to schedule an in-person, phone, email or Zoom appointment.

Your financial well-being is our priority.