What could happen if I "forget" to lodge my tax returns ?
May 26th 2010, 2:14 pm
#1
Forum Regular
Thread Starter
Joined: Nov 2007
Location: Sydney
Posts: 62
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,
May 26th 2010, 2:55 pm
#2
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,814
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,
May 26th 2010, 2:59 pm
#3
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Joined: Aug 2008
Location: Canberra
Posts: 568
Re: What could happen if I "forget" to lodge my tax returns ?
Do it online, it's simple enough.
May 26th 2010, 3:49 pm
#4
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Joined: Mar 2004
Location: Ridgewood , Perth
Posts: 3,134
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,
Its quite simple
But just my opinion
May 26th 2010, 9:04 pm
#5
Officially Bewildered
Joined: Nov 2006
Location: Blue Mountains, NSW
Posts: 5,523
Re: What could happen if I "forget" to lodge my tax returns ?
So do it.
But even if you didn't have an amount due to you, you would still have to do it. The taxman in any country isn't someone you want to mess with, they hold grudges
The online system isn't difficult - using an accountant would probably get you more money back on your return (or minimise how much you had to pay if that was the case) - but if you didn't want to use one, you should be able to follow the online prompts and help with no great difficulty.
May 26th 2010, 9:46 pm
#6
Forum Regular
Joined: Jun 2007
Location: Hervey Bay
Posts: 181
Re: What could happen if I "forget" to lodge my tax returns ?
If you are working for an employer who takes tax out of your earnings and you haven't worked for a full year you almost certainly will be due for a refund.
If you don't lodge a return and you are due for a refund then it's unlikely you will be fined for not lodging it. The tax office are happy to keep your money.
If you don't lodge a return and you owe money to the tax department then you are fined. I don't know what the fine is these days but it used to be 10% and the longer you leave it the higher the fine.
The tax department can be a tad slow but eventually they will catch up with you and you will have to lodge all outstanding returns.
Online is the simplest and easiest way to go.
The tax department works on a "self assessment" basis so you fill out the form and get the refund within a couple of weeks.
Every year the tax department chooses a few different types of workers to check up on. Lets just say one of those is carpenters. They check all carpenters tax returns against each other and if someones return has a lot higher claims than most of the others that person will be contacted and asked for proof of those expenses.
If you don't lodge a return and you are due for a refund then it's unlikely you will be fined for not lodging it. The tax office are happy to keep your money.
If you don't lodge a return and you owe money to the tax department then you are fined. I don't know what the fine is these days but it used to be 10% and the longer you leave it the higher the fine.
The tax department can be a tad slow but eventually they will catch up with you and you will have to lodge all outstanding returns.
Online is the simplest and easiest way to go.
The tax department works on a "self assessment" basis so you fill out the form and get the refund within a couple of weeks.
Every year the tax department chooses a few different types of workers to check up on. Lets just say one of those is carpenters. They check all carpenters tax returns against each other and if someones return has a lot higher claims than most of the others that person will be contacted and asked for proof of those expenses.
May 26th 2010, 10:07 pm
#7
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Joined: Jan 2008
Location: Gold Coast (was London)
Posts: 60
Re: What could happen if I "forget" to lodge my tax returns ?
Also if you receive any benefits from centerlink (we receive family assistance), they will be stoped if you fail to put in a tax form within 12months of the due date.
May 26th 2010, 10:33 pm
#8
Joined: Jan 2005
Location: Asia Pacific
Posts: 4,922
Re: What could happen if I "forget" to lodge my tax returns ?
Just go to an accountant who will do your tax return for you and charge a minimal fee that you can claim against next year.
If you fail to file your going to end up with a penalty down the line somewhere and interest on anything you may of had to pay.
Just suck it up and do it. Its part of life - well death and taxes anyway.
If you fail to file your going to end up with a penalty down the line somewhere and interest on anything you may of had to pay.
Just suck it up and do it. Its part of life - well death and taxes anyway.
May 26th 2010, 11:04 pm
#9
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Location: Camberwell/S.E London > Orpington > Mornington > heart will always be in Tullamore. Co Offaly
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Re: What could happen if I "forget" to lodge my tax returns ?
hi all
me and oh have only just applied for a tfn yesterday and may not even work before the new tax year kicks in
will we have to do a tax return for the time left or can it be rolled into next years one
me and oh have only just applied for a tfn yesterday and may not even work before the new tax year kicks in
will we have to do a tax return for the time left or can it be rolled into next years one
May 26th 2010, 11:16 pm
#10
Forum Regular
Joined: Jun 2007
Location: Hervey Bay
Posts: 181
Re: What could happen if I "forget" to lodge my tax returns ?
If you do work and pay tax it cannot be rolled over to the next year.
May 26th 2010, 11:20 pm
#11
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Location: Hervey Bay
Posts: 181
Re: What could happen if I "forget" to lodge my tax returns ?
May 26th 2010, 11:23 pm
#12
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Joined: Sep 2001
Location: Sydney
Posts: 3,014
Re: What could happen if I "forget" to lodge my tax returns ?
I file all my own returns and help out the family, I used a tax firm once but they gave me a student who I ended up telling how do to my calculations and when I asked for a senior tax accountant in the firm to look it over they said the onus was on me to sign and declare it all to be truthful (yes I know that) I just wanted decent advice. So the moral of that tail is as others have said if you want top of the range advice pay the money and get a decent accountant. Do not use these shonky High street Tax Consultants.
For straight forward PAYG ETAX returns are the way to go, or paper forms from the Post Office.
To the original poster - I declined for a year to enter a tax return because of travel and I knew the return would be a credit to myself (all be it $30 that year). Would I do it if I had owed any money - no chance the threat of fines is a pain in the butt and they can be steep. Remember this is country that fines you if you do not vote and I also know how they chase you up on that.
If you are PAYG file a return each year easy peasy sorted.
May 27th 2010, 2:49 am
#13
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 ?
It depends. You could be fined - but according to their own information, they generally only fine you if you owe them money and you have been warned. See here and other places on their website: http://ato.gov.au/individuals/conten...1/002&st=&cy=1
Go direct to the source and not second-hand internet rumour!
Go direct to the source and not second-hand internet rumour!
May 27th 2010, 5:07 am
#14
Bitter and twisted
Joined: Dec 2003
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Re: What could happen if I "forget" to lodge my tax returns ?
I have just had a bill for $3500
May 27th 2010, 6:41 am
#15
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Re: What could happen if I "forget" to lodge my tax returns ?