Menu

A.S.A.P  Accounting & Taxation 

(02) 4578-6088

header photo

Late or Prior Year Tax Returns - Multiple Tax Returns

How do I lodge a 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, 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 now will give you peace of mind. ASAP Accounting & Taxation can help you with your outstanding tax returns. Just call us on (02) 4578 6088

Are there 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 is $180 for every 28-day period or part thereof that the returns remain outstanding up to a maximum of $900.

The ATO is more likely to apply a penalty if:

  • you have more than one tax return outstanding

  • you have a poor lodgement history, or

  • you have not complied with a request to lodge your tax return.

Days overdue

Small

Medium

Large

28 days or less

$180

$360

$900

29 to 56 days

$360

$720

$1,800

57 to 84 days

$540

$1,080

$2,700

85 to 112 days

$720

$1,440

$3,600

113 days or more

$900

$1,800

$4,500

 

Can I still submit a late tax return if I don't have all my documents and receipts?

The ATO collects information about your income from banks, employers, government agencies and other parties. This information is matched to your Tax File Number. ASAP Accounting & Taxation can help you with the ATO by checking your lodgement status and ascertaining which years are outstanding and access detail that have been reported to the ATO.

At ASAP Accounting & Taxation, we'll work with you to ascertain what deductions may be relevant and assist you to work out how to locate this information. The more receipts, statements and information you can find the easier it will be, but don't stress about it, there are some deductions you can claim without receipts.

How else can ASAP Accounting & Taxation assist me?

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. If for some of the outstanding years, you were not required to lodge a tax return, ASAP Accounting & Taxation can submit a non-lodgement advice and make sure you're up-to-date.

Tax Refund Process

Tax Refund Time

ASAP Accounting & Taxation have been looking after taxpayers for over 16 years. We know that completing your tax return and getting your tax refund can be a stressful and time consuming process. We're here to take as much of the burden away as possible.

We can guide you through the experience step by step to make sure you get the maximum tax refund possible.

Typically, our clients progress through the following steps:

Call our office and make an appointment

Call 4578-6088 or call into 30 Paget Street, Richmond NSW 2753.

Meet with a Tax Consultant to calculate your income, tax deductions and rebates

Use our checklist to determine which documents to bring to your 30 minute appointment

Tax Return completed and lodged with the ATO

Your tax return is double checked by a Registered Tax Agent for tax law compliance and 100% accuracy and then submitted to the ATO

Payment options discussed

Once you're happy, you can pay for your tax preparation straight away or, choose to have the fee deducted from your tax refund and the remainder deposited directly into your bank account. Remember that our competitive fee is fully tax deductible

ATO sends you a Notice of Assessment and pays your tax refund

Typically within 10 to 14 days if there are no issues identified with the return, depending on ATO processing times. You will receive your refund via direct deposit

At every stage of the process, you'll have access to Josie or Amanda at the office or via phone and email to answer questions and keep you updated on your tax return's status.

Notice of Intent to claim a deduction for Super Contributions