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TAS-Australia can help you with accounting and tax responsibilities that essential in running a business. We can advise you on the best structure to set up your business. We can also assist you in the setting up of a Company, Partnership, Trust or Self Managed Super Fund.
Our financial professionals are experienced and qualified accountants dedicated to providing timely and proactive solutions for all your accounting, taxation and business needs. In fact our experience covers the whole realm of tax and associated accounting and business advisory, from compliance to growth and tax-effective strategies.
We undertake your workload and enjoy the following services:
- Competitive and agreed yearly pricing
- Mutually agreed completion deadlines
- Real time view of your cash flow using innovative software
- Support for cloud and desktop based software
- Meetings at your nearest TAS-Australia office or at your work
Lodgment of late tax return?
It’s not too late! Most people generally need to lodge an income tax return every year. However, some may have been too busy, overseas, or found that it was just too complicated to lodge their tax return. If you have not lodged a tax return for a few years or you have a tax return outstanding or overdue, no matter the reason, getting up to date will avoid penalties. TAS-Australia professional Accountants can help you with your outstanding tax returns. Just call 0421935193.
Penalties for late or prior year tax returns
The Australian Taxation Office (ATO) may apply a “failure to lodge on time penalty”. The penalty is calculated at the rate of one penalty unit for each period of 28 days or part thereof that the document is overdue, up to a maximum of five penalty units. Size tests also apply, so that the penalty for larger entities is multiplied by either two or five. The penalty rate is $180 for every 28-day period or part thereof that the returns remain outstanding up to a maximum of $900.
Further, the ATO may issue a default assessment warning letter. This letter will summarize the income on which the default assessment may be based. The letter will also tell you the date by which you must lodge the overdue return if you want to avoid being issued with a default assessment.
The ATO is more likely to apply a penalty if:
- you have more than one tax return outstanding
- you have a poor lodgment history, or
- you have not complied with a request to lodge your tax return.
Lodging tax return with incomplete
The ATO collects information about your income from banks, employers, government agencies and other parties. This information is matched to your Tax File Number. With your consent; TAS-Australia can help you with the ATO by checking your lodgment status, with the ATO and ascertaining which years are outstanding and access detail that have been reported to the ATO.
We’ll work with you to ascertain what deductions may be relevant and assist you to work out how to locate this information. Obviously the more receipts, statements and information you can find at your home or office the easier it will be, but don’t stress about it, there are some deductions you can claim without receipts.
Completing your outstanding tax returns may also result in matching past entitlements for benefits, such as superannuation co-contribution, family payment, baby bonus or education tax refund. Standard fees apply and if your late lodgments results in a refund, you may be able to take advantage of our Fee-From-Refund service and have your fee deducted from your refund. If for some of the outstanding years, you were not required to lodge a tax return, TAS-Australia can submit a non-lodgment advice and make sure you’re up-to-date with the tax office.
It’s important to understand that once you are up to date with your tax returns, TAS-Australia can continue to assist you to keep up to-date with record cards, log books, annual reminders, newsletters and more.