Most people who earn an income are aware that it is compulsory to lodge an Australian tax return every year. But, for a plethora of different reasons you may have some overdue tax returns. You might have been too busy, overseas, had health issues or just found the process overwhelming.
Regardless of the reason, it’s more common than you think, so try not to worry and with help from your ITP specialist, the issue can be easily resolved. It is important to get up-to-date with your tax returns, and once you do, the weight of the world will be lifted off your shoulders, a good night’s sleep will be had, and you may even end up with some extra money in your bank account too.
This blog will explain some simple steps needed to be taken in order for you to catch up on outstanding or late tax returns.
Step 1: Find out how many years of tax returns are overdue
Contact the Income Tax Professionals and ask them to check your lodgement status. Registered tax agents have more access to your tax records than you do. In a matter of minutes, they will be able to determine how many outstanding returns you have from previous years.
Step 2: Do you need to lodge a tax return?
You need to lodge one of two things every year with the Australian Tax Office (ATO), and it doesn’t necessarily have to be a tax return. If your income didn’t meet the tax free threshold, or you didn’t earn any income, you may be able to submit a Non-Lodgment Advice. By visiting an ITP specialist you will be assisted in determining your outstanding tax return or non-lodgment advice periods.
Step 3: Get your paperwork ready
It’s at this stage that many people say “it’s all too hard”, but it doesn’t have to be. By getting help from your ITP agent, they can obtain your ATO pre-filling report, which is the simplest and fastest way to find your missing tax information. The ATO is constantly collecting information about your income from banks, employers, government agencies and other parties. All this information is collated and then matched to your tax file number and summarised in your pre-filling report. If you’re unsure what you need to bring have a look at our tax checklist.
Step 4: Complete the tax return forms
If all your information is ready, an ITP consultant can prepare and lodge returns on-the-spot and refunds can be paid as early as two weeks after lodgement. They will be able to help you avoid fines and penalties and do everything possible to make sure the completion of your tax return is as seamless as possible.
Step 5: Family assistance claims
Once you are up-to-date with your tax returns, you will be able to claim Family Assistance entitlements for previous years including benefits like family payments. ITP can assist you in making any family tax benefit related claims.
By following these easy steps and visiting your ITP consultant you can get on the front foot with this year’s tax return and put those outstanding tax returns to bed. We have access to your lodgement history and tax records, the process will be quicker and any refunds paid sooner, and most importantly you will have the peace of mind knowing that your tax returns will be lodged accurately by the ITP team who are here to help you.
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