If you have outstanding tax returns and aren’t concerned because the tax office hasn’t contacted you, be aware the Tax Office is taking action.
This means that if you haven’t lodged a tax return for a particular year, the tax office can now estimate your taxable income and issue an assessment notice accordingly, meaning you will not be given an opportunity to claim any relevant deductions that you may be entitled to.
The tax office is giving tax payers the deadline of 3 February 2012 to lodge all outstanding tax returns before they will issue a default assessment notice.
In addition to the assessment notice, the tax office will add on penalties for failure to lodge on time, administration penalties just for the hassle.
What to do if you are unsure if you have lodged?
Contact your tax agent or the tax office before 3 February 2012 to see if you have outstanding tax returns.