As you may know, it’s compulsory for Australians to lodge a tax return every year. Despite this, late tax returns are more common than you think.
Many taxpayers find themselves falling behind and are embarrassed upon realising that they have multiple years of outstanding tax returns – whoops!
Time can fly by so quickly, that it makes it difficult to keep track of where you’re at. So much so, that you start procrastinating with seeing your accountant due to feeling worried or scared of the possible outcome.
2 Steps to Follow to Catch Up On Late Tax Returns
Now that you’re here, it’s time to stop beating yourself up about it or hiding under the kitchen table awaiting a letter from the ATO. Instead, here are two tips to help you fix your tax return situation – pronto!
Tip #1: Get Closure by Getting in Touch
At Knox Taxation and Business Advisory, we care about all of our clients, regardless of their backgrounds. We won’t make you feel guilty, embarrassed or like a naughty student on their way to detention due to missing the annual deadline.
Instead, our team will welcome you, and your multiple-years of outstanding tax returns, with open arms.
We will help you to get back in control of your tax and financial situation, regardless of the reason you fell behind. The problem of having late tax returns is usually easy and quick to fix.
Phew, can’t you feel the weight lifting from your shoulders!
Given we have access to the tax agent portal, we can see how many tax returns you have outstanding (in less than 5 minutes!).
Tip #2 – Prepare Effectively For Your Appointment
This can be the most daunting and tedious step for clients, however we do our best to simplify it for you.
As your accountant, we can usually source the below information from the portal:
- PAYG Payment Summaries from employers
- Centrelink payments
- Health Insurance Details
- Bank interest
- Dividend and other investment income
- Your HELP (HECS) balance (If you’ve completed a degree)
Please bring along any other work-related receipts you have from outstanding years to your appointment. If you haven’t kept old receipts for work-related expenses, that’s ok. We can usually work out what you’d be entitled to based on your job and industry.
Can You Lodge Multiple Late Tax Returns Yourself?
You sure can. But we don’t recommend it. Here’s why…
When you use a tax agent (accountant):
- You can relax with peace of mind knowing that your returns are accurate and lodged correctly
- We have the expert knowledge to ensure that you’ve claimed all relevant deductions to prevent you from paying excess tax
- We have easy access to your lodgement history and tax records
- We can give pointers to help you improve your financial situation in the future
- The process is much less complicated than trying to do it all on your own
- You could receive your refund sooner (if any)
By attempting to lodge outstanding tax returns yourself, you could:
- Make yourself even more stressed, overwhelmed, frustrated or confused with what you need to do
- Get it wrong or make mistakes that flag you with the ATO
- Claim the wrong things or not claim enough causing you to pay more tax than you should
- Waste a ton of time for little cost savings
It really isn’t worth it.
Remember, we’re not here to judge you, we’re here to help.
There are many worse things you could compared to forgetting to lodge one or more tax returns. Rather than stressing over late tax returns, contact our team today and book an appointment.
Free yourself from the burden you’ve been carrying on your shoulders for so long. With Knox Taxation and Business Advisory, you’ll be in good hands.