Filing tax returns on time is essential for maintaining good financial health and adhering to legal requirements.
Having multiple years of late tax returns can lead to various negative consequences. Here are four reasons why it's not good to have multi years of late tax returns:
1.Accumulation of Penalties and Interest: When you fail to file tax returns on time, the ATO (or relevant tax authority) usually imposes penalties and interest on the unpaid taxes. These penalties can accumulate over time, significantly increasing the amount you owe. The longer you delay, the more you'll have to pay in penalties and interest, which can create a substantial financial burden.
2.Loss of Refunds: If you're entitled to a tax refund, you might lose out on it if you delay filing your returns. There's generally a statute of limitations (usually three years) on claiming tax refunds. After that period, any refund you're owed for a specific year becomes forfeit. Failing to file means you'll miss out on potential refunds that could have been put to better use.
3.Legal Consequences: Late filing of tax returns is a violation of tax laws and regulations. While it might start as a civil matter, continued non-compliance can escalate to criminal charges in cases of deliberate tax evasion. Criminal charges can result in fines, penalties, and even imprisonment, depending on the severity of the offense.
4.Impact on Credit: Unresolved tax issues, including late filings and unpaid taxes, can negatively impact your credit score. Tax-related debts can be reported to credit bureaus, potentially leading to a lower credit score. This, in turn, can affect your ability to secure loans, mortgages, or favorable interest rates, hindering your financial flexibility.
Starting your Multi Years Late tax returns
When working with our tax professionals online, you will be sent your tax return for you approve and sign for the tax return for lodgement.
Our Work Process for online tax
It's a very simply process to com-plete your tax online at a time that suits you.
Preliminary Information Gathering including Tax File Number (TFN),DOB, Family & employment situation
Preliminary Information Gathering including change of address,residential address, Family & employment situation.
List all your income for the year which will be check by accountants at the other end
Fill in applicable tax deductions and crucial offsets,
The tax professional will review your prepared tax return with you. They'll explain the calculations, deductions claimed, and any potential tax liability or refund..
Approval for Filing:
If you're satisfied with the prepared online tax return, give your approval for lodgement.
Our tax preparation service offers a comprehensive range of features tailored to meet your individual needs and ensure accurate, efficient, and stress-free tax lodgement.
Our tax preparation service is designed to provide you with peace of mind, knowing that your tax obligations are handled by knowledgeable professionals who prioritise accuracy and optimal financial outcomes.
Personalised Consultation: We begin with a personalised consultation to understand your unique financial situation, goals, and any specific concerns you might have.
Data Collection: Our streamlined process collects all necessary financial data, including income statements, investment reports, expense details, and relevant tax documents..
Expert Analysis: Our experienced tax professionals meticulously analyze your financial data to identify potential deductions, credits, and tax-saving opportunities, ensuring you don't miss out on any benefits.
Thorough Review: Your tax return undergoes a thorough review to ensure accuracy and compliance with current tax laws and regulations.
Maximised refunds: We are dedicated to maximising your tax savings by leveraging our in-depth knowledge of the tax code and regulations.
Electronic Filing: We offer the convenience of electronic filing, ensuring your tax return is submitted securely and promptly to the appropriate tax authorities.
Accessibility: Our team is available to answer any questions you might have about your tax situation, offering explanations in plain language.
Secure Data Handling: Your financial data is handled with the utmost security, utilising the latest encryption and data protection protocols to safeguard your information.