The deadline for tax returns for any prior financial year is October 31st and whilst most business owners are keen to lodge their returns early to assess growth and areas for financial improvement, some are just too busy with running their business to remember this important cut off. With the year flying by, one can be forgiven for realising too late that they have not gotten their tax affairs in order, however penalties can be imposed by the Australian Tax Office if your return is lodged late.
Don’t worry, Integra Business Accountants can help, however you need to relieve the stress and get your return in sooner rather than later.
Some other factors to consider to avoid this happening again include:
- ATO penalties
- Missing paperwork
- Up to date administration
The ATO may apply a failure to lodge on time penalty (FTL) and this is determined by a number of factors.
- The size of your business
- The length of time your return is overdue
- How many tax returns you have outstanding
- Your lodgement history
- A lack of compliance with lodgement requests
Making sure you lodge your return on time every year can keep your record clean with the ATO and reduce the risk of unnecessary financial penalties if you ever find yourself in this situation again.
A lot of business owners put off doing their tax returns due to missing paperwork. The ATO collects information about income from banks, employers, other businesses and government agencies and matches it to your tax file number or ABN. Your accountant can locate a lot of the documentation you need to lodge your return through the ATO portal, probably finding more deductions and claims than you thought you had.
Up to date Administration
If the administration side of your business is getting on top of you, maybe consider getting a professional in to do it for you. Integra Business Accounting can provide you with ongoing tax and accounting assistance to ensure the end of the financial year is not a time of rush and stress.
Who Can Help Me Lodge My Late Tax Return?
Integra Business Accountants are dedicated to partnering with you and making your business tax paperwork as easy as possible, so you can focus on making your business a success. If you have an outstanding tax return, contact the team on 9527 3071 today and speak to one of our friendly, experienced team members about how to get it lodged for you.