Missing the tax deadline can put you in a very delicate position. If you can’t avoid it, then learn what can be done in order to still lodge your tax returns and minimize your fines.
The situation can get complicated if you miss your tax deadline. But don’t panic just yet. First, you should ensure that you have effectively missed your deadline.
How do you know you’ve missed your tax deadline? Well, for most taxpayers without an accountant the deadline is on 31st October.
Therefore, if you haven’t lodged your taxes yet and it’s past that date… You need to move to the next plan of action and get on top of the situation straight away.
There are quite a few things you can do if you’ve missed your tax deadline this year.
For instance, you can start by acting as quickly as possible.
Get things moving right away
You need to get your tax returns lodged as soon as possible. So, don’t tell yourself you’ll do it tomorrow or next week. Get moving and do it now.
Learn what must be done and what do you need to deliver to get your situation normalised. Otherwise, you’ll regret it later when your fines reach your address.
If you feel you’re not capable of doing your tax returns, then you should get in touch with a tax specialist. It’s faster and much more reliable.
Contact an accountant
When you’re too busy with your own business, it’s a great idea to hire an accountant to do your tax returns.
In this case, if you’ve just missed your tax deadline then it’s even a better idea to work with an accountant to get everything sorted as quickly as possible.
Their expertise can be very useful for you and your business. After all, they can step in and help you talk with the tax agents.
Negotiate with the ATO
Talking with the ATO is crucial to reduce your fines. If you haven’t lodged your tax returns in time, you will be fined.
That shouldn’t be a surprise to you. There are different types of fines for individuals and for companies. And they are not small. In fact, they can reach $10,000 a year.
That’s why it’s so important to negotiate with the Tax Department. This way you can get more time to lodge your tax returns and possibly reduce the value of your fines.
Get your tax deadline sorted today
There are many businesses up for sale at the present date in Australia and the situation probably won’t be changing much in the next few years.
This is happening because many businesses own the ATO significant amounts of money. And they don’t know how to negotiate their way out either.
Stop worrying about your tax returns and tax deadline. I can help you create a personalised plan that will get your business back on track.
You can also get all your business questions answered. Whether you need help with your business structure or simply sorting your taxes, I am here to assist you. Contact me today!