What could happen if I "forget" to lodge my tax returns ?
May 27th 2010, 6:44 am
#16
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Re: What could happen if I "forget" to lodge my tax returns ?
In 2006-07, 80% of Australia Tax payers received a refund of tax at the end of the year.
The average refund was $1,998.
The number of tax refunds given was 9.9 million, out of the 11.8 million taxpayers.
The average refund was $1,998.
The number of tax refunds given was 9.9 million, out of the 11.8 million taxpayers.
May 28th 2010, 2:28 am
#17
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Re: What could happen if I "forget" to lodge my tax returns ?
Paying Tax is not a bad thing as you only pay tax on what you have earnt (minus deductions) so with that in mind, a huge tax bill means you have earnt a shite load of money.
The problem only comes to be an issue if you have not put aside any money to pay this bill.
When I was self employed, I put aside 25% of my earnings to offset my tax liability at the end of the year. This money I put in my mortgage account and I kept a very good account of what money was what. When my tax bill came in at the end of the year, I just moved the money from my account to the tax mans account. I also did the same with the 10% GST money. I must have been the only one to pay my BAS on the 1st day.
Barney
The problem only comes to be an issue if you have not put aside any money to pay this bill.
When I was self employed, I put aside 25% of my earnings to offset my tax liability at the end of the year. This money I put in my mortgage account and I kept a very good account of what money was what. When my tax bill came in at the end of the year, I just moved the money from my account to the tax mans account. I also did the same with the 10% GST money. I must have been the only one to pay my BAS on the 1st day.
Barney
Last edited by POW148; May 28th 2010 at 2:34 am.
May 28th 2010, 11:06 am
#18
Hillarys, Perth
Joined: Mar 2005
Location: Hillarys, Perth.
Posts: 1,094
Re: What could happen if I "forget" to lodge my tax returns ?
I need to get advice I guess, but a bit of a shock to come home to.
May 28th 2010, 1:02 pm
#19
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Re: What could happen if I "forget" to lodge my tax returns ?
May 29th 2010, 5:18 am
#20
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Re: What could happen if I "forget" to lodge my tax returns ?
May 29th 2010, 9:26 am
#21
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Re: What could happen if I "forget" to lodge my tax returns ?
Hello,
Under Australian law most people are required to lodge tax returns with the Australian Tax Office between 30 June and 31 October each year.
What could happen if I "forget" to lodge my tax returns ?
Some people have told that you lodge tax returns with the intention that the government gives you money. So if I don't lodge my tax returns I won't receive that money, but I guess it won't be too much, in my case I have been living in Sydney for less than a year, I guess it is really unlikely that the government returns me $ 1.000 in tax returns.
But, it looks to be a complicated formality, all the persons I know hire an accountant for doing that formality, so I would like to ask what could happen if I don't do that ? Could I be fined ? ( or ... could I go to jail for "forgetting" to do that formality
? )
In my country when the financial year ends, most people take care of filling their tax declaration because that is the moment for "paying" tax, so you "pay" money to the government, and of course if you don't pay you are going to be blacklisted and no bank will give you a loan or credit card .
But, one is not going to be blacklisted if one doesn't "receive" money from the government, so there shouldn't be any problem if one doesn't fill the tax returns ? do you agree ?
thank you for any opinion,
Under Australian law most people are required to lodge tax returns with the Australian Tax Office between 30 June and 31 October each year.
What could happen if I "forget" to lodge my tax returns ?
Some people have told that you lodge tax returns with the intention that the government gives you money. So if I don't lodge my tax returns I won't receive that money, but I guess it won't be too much, in my case I have been living in Sydney for less than a year, I guess it is really unlikely that the government returns me $ 1.000 in tax returns.
But, it looks to be a complicated formality, all the persons I know hire an accountant for doing that formality, so I would like to ask what could happen if I don't do that ? Could I be fined ? ( or ... could I go to jail for "forgetting" to do that formality
? )In my country when the financial year ends, most people take care of filling their tax declaration because that is the moment for "paying" tax, so you "pay" money to the government, and of course if you don't pay you are going to be blacklisted and no bank will give you a loan or credit card
.But, one is not going to be blacklisted if one doesn't "receive" money from the government, so there shouldn't be any problem if one doesn't fill the tax returns ? do you agree ?
thank you for any opinion,
Mine was lodged late and was told that it was unlikely you would be fined unless you owed them lots of money.
May 29th 2010, 9:53 am
#22
Home Sweet Home
Joined: Jan 2010
Location: Surrey, England
Posts: 5,128
Re: What could happen if I "forget" to lodge my tax returns ?
I did go to an accountant though - he did all the paperwork and I think I got about $1000.00 back. The only problem as I see it, is if you owe THEM money.......
Jun 6th 2010, 2:27 am
#23
Ping pong PoM
Joined: Aug 2006
Location: Melbourne
Posts: 1,537
Re: What could happen if I "forget" to lodge my tax returns ?
You actually have 7 years to lodge your tax return, but you MUST do it! (OH did the HR Block tax course last year)
I lodged mine in December last year (from what's been posted it would be considered late) I got my refund the same as everyone else and nobody commented or said that I should have done it earlier.
I lodged mine in December last year (from what's been posted it would be considered late) I got my refund the same as everyone else and nobody commented or said that I should have done it earlier.
Jun 6th 2010, 4:13 am
#24
And YOU'RE paying for it!
Joined: May 2007
Location: kipper tie?
Posts: 2,328
Re: What could happen if I "forget" to lodge my tax returns ?
Correct me if I'm wrong (and I probably am) but isn't it the case that this is very easy to do...so long as your only source of income through the year was from one employer and your employer actually got their finger out to send you the form?
Jun 6th 2010, 7:02 am
#25
Guest
Posts: n/a
Re: What could happen if I "forget" to lodge my tax returns ?
It is very easy like this, and it is better to do a return, even without claiming any rebates, than not do one at all.
Jun 6th 2010, 8:40 am
#26
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Re: What could happen if I "forget" to lodge my tax returns ?
Any idea how much a good accountant would cost for complicated tax returns?
Jun 6th 2010, 10:58 am
#27
And YOU'RE paying for it!
Joined: May 2007
Location: kipper tie?
Posts: 2,328
Re: What could happen if I "forget" to lodge my tax returns ?
Jun 6th 2010, 11:26 am
#29
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Re: What could happen if I "forget" to lodge my tax returns ?
Paying Tax is not a bad thing as you only pay tax on what you have earnt (minus deductions) so with that in mind, a huge tax bill means you have earnt a shite load of money.
The problem only comes to be an issue if you have not put aside any money to pay this bill.
When I was self employed, I put aside 25% of my earnings to offset my tax liability at the end of the year. This money I put in my mortgage account and I kept a very good account of what money was what. When my tax bill came in at the end of the year, I just moved the money from my account to the tax mans account. I also did the same with the 10% GST money. I must have been the only one to pay my BAS on the 1st day.
Barney
The problem only comes to be an issue if you have not put aside any money to pay this bill.
When I was self employed, I put aside 25% of my earnings to offset my tax liability at the end of the year. This money I put in my mortgage account and I kept a very good account of what money was what. When my tax bill came in at the end of the year, I just moved the money from my account to the tax mans account. I also did the same with the 10% GST money. I must have been the only one to pay my BAS on the 1st day.
Barney
So no tax return for me...