If your earnings exceed the tax-free level, which is now $18,200, you must file a tax return. You may be obliged to lodge even if you make less than that amount – in this blog, we will help you decide if you’re required to lodge, so it’s not too late if you haven’t already.
In most cases, you must file an income tax return once a year. However, you may not have completed it due to a variety of factors such as being too busy, being away from home, or just finding it too difficult.
If you haven’t filed a tax return in a few decades, or if you have one that is outstanding or late, get up to speed for peace of mind. It doesn’t matter what type of tax return you are slacking in; it can be an investment property tax return or could be anything else.
If you do not even lodge, the ATO may impose various punishments and penalties to compel you to do so, including penalties for late filing. Call 13 23 25 or discover your local location now to schedule a meeting with one of our tax experts to assist you with almost all of your unfiled taxes.
What happens if I don’t have to file a tax return?
You are not obliged to lodge tax returns online if you made just under $18,200. Nevertheless, it’s critical to send the ATO non-lodgment advice explaining why you shouldn’t need to lodge and ensuring that you aren’t shown as having an overdue return. The ATO will presume you need to lodge without non-lodgment advice and may take enforcement action to require you to do so. Your non-lodgment advice may be prepared and filed by us.
What is the penalty for not filing a tax return?
If you don’t submit your tax return by the required date, the ATO will charge you a Failure To Lodge (FTL) fine. This fee is determined at one damage unit every day or portion of a day that the paperwork is late, limited to a total of five fines. The current value of a penalty unit is $222, making the maximum punishment that may be imposed on a person $1,110.
The charge is usually imposed immediately; however, it is not usually applied to returns that end in a zero result or a payout. When a penalty is imposed, the ATO may remit it if it is deemed “pretty fair,” such as in the event of a natural catastrophe or significant illness. However, the penalty varies according to the tax return we are talking about, if you fail to file an investment property tax return, consequences can be really lethal you even may end up losing your property
Will I face legal consequences if I fail to file a tax return?
Despite the fact that it is uncommon, the ATO may and does punish those who fail to file tax returns. The highest penalty that may be imposed on a conviction is currently $9,000 or up to 12 months in jail.
So, if you haven’t filed a tax return, make sure you do it as soon as possible. You can even lodge tax returns online. If you find physically going to the IRS department and filing your tax, a drag, you can always hire professional services to get the job done.