Taxpayers who fail to lodge their tax returns on time risk penalties including fines, interest and potential imprisonment.
Failing to lodge your tax returns on time you may also render you ineligible for, or required to repay, other government benefits such as the Family Tax Benefit, Child Care Benefit and Child Care Rebate.
Generally any penalties applied increase in severity depending on how long your return has been overdue so we advise contacting Austax as soon as possible to discuss your situation.
It may be possible to have fines and penalties remitted by the ATO depending on a number of variables such as;
- the number of returns overdue,
- the amount of tax owing from these assessments,
- your previous lodgement history, and
- your compliance with a directive to lodge your returns.