3 reasons why your tax worries are not real

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3 reasons why your tax worries are not real

When it comes to tax time, most of us feel overwhelmed with the thought of arranging files and receipts and then booking a visit to your account. If worrying about your tax is keeping you up at night, make this your year to get in control today!

Most people find a way to avoid doing their tax returns and years can go by before you realise you might have forgotten to lodge them. If you are one of these people, don’t despair, our team can you get back on track and in control of your tax. Let’s put your mind at ease and show you how the top three worries can be resolved!

I have years of tax returns to lodge and worried it has been too long.
At Oak Accountants our team specialise in lodging overdue tax returns. Recently, we picked up on an outstanding tax return with our client, had not been completed back in 2009. We were able to complete the tax return along with this year’s tax return and client received an additional $900 for the outstanding tax return! It’s is never ‘too late’ to lodge. We have taken care of clients with 20+ years of returns outstanding on more than a few occasions recently. In each case the client has been happy and the ATO appreciative. Eliminate the chance of receiving ATO fines and interest charges. If you are in the situation of where you do not owe the ATO any money and lodge a late tax return, they generally will not charge any late penalties.

I might have to pay a substantial amount of tax back

The ATO have developed reasonable payment plans to help combat the cost in the event that a large amount of tax needs to be paid to the tax office. Payments can be completed either online or via phone, depending on what is most convenient for you. If you pay late or enter into a payment plan, generally you will have to pay interest on top of your debt that you owe to the ATO. On the upside, you could have a large payout of tax returns waiting for you, which could help outweigh any interest owing.

I want to apply to receive government benefits and worried if I do, can alert the ATO.
At some point in our lives, we may need to apply for government benefits from student allowances, childcare or even pension benefits as we get older. Having your tax returns up to date, eliminate any roadblocks or time delays in applying for benefits you may be eligible to receive. If the details of your government benefits are paid to you by the Department of Human Services and/or other government agencies do not equal the amount you declared in your tax return, the ATO can send a letter to you about your government benefits. The letter will include a schedule showing the relevant information from your tax return compared with information on file.

To avoid incurring any late charges from the ATO, and to take back control of your tax, book a consultation appointment with any of our team at Oak Accountants today.

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