Haven't Lodged Your Tax Returns?

If you have outstanding tax returns and think you're in the clear because the ATO hasn’t contacted you yet, think again. The Australian Taxation Office is actively pursuing taxpayers who fail to lodge.

The ATO now has the power to issue a default assessment if you haven’t lodged a return. This means they’ll estimate your taxable income, often unfavourably, and issue an assessment without giving you the chance to claim any legitimate deductions or offsets.

Default Assessments = More Tax + Penalties

Not only could the estimated assessment be higher than what you actually owe, but the ATO will also tack on:

• Failure to lodge penalties

• Interest charges

• Administrative penalties

It’s a costly mistake to ignore your lodgement obligations.

Check Your Lodgement Status Before It’s Too Late

If you’re unsure whether you’ve lodged all required tax returns, contact your tax agent or the ATO immediately. It’s better to clarify now than to deal with penalties later.

Need help getting up to date?

At Dolman Bateman, we help individuals and businesses lodge overdue returns, reduce penalties where possible, and get back on the right side of the ATO. Reach out today and let’s sort it out before the ATO does it for you.

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Disclaimer:

The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decision.