2007 Tax Return - Too Late?

[ssar]

Seems the ATO cutoff for submitting a tax return yourself (i.e. not through an accountant) was the end of last month.. oops!

Anyone know if you can just still submit it anyway, and the ATO will process it as normal?

Or are they Cutoff-Date-NAZIs and will penalize you?

[snapper]

use an accountant, you can claim their cost next tax year

[montyb8]

Seems the ATO cutoff for submitting a tax return yourself (i.e. not through an accountant) was the end of last month.. oops!

Anyone know if you can just still submit it anyway, and the ATO will process it as normal?

Or are they Cutoff-Date-NAZIs and will penalize you?

You can still lodge a tax return (in fact you are required to if you have earned over $6000 income).

Whether or not they will fine you will depend on your circumstances. In general, if you have a "Refund" or "Nil" assessment, then it is highly unlikely that you will be fined. If this is your first time that your are late (or a long time since the last time your were late) then it is most likely you will get a warning. If however, you have a history of lateness, or they have written to you (and you have a "Payable" assessment), then it is most likely you will cop a fine.

On the down side, if you do have a "Payable" assessment, the ATO will charge you interest, even if they don't fine you for being late. (Interestingly, they will pay you interest if you have a refund.)

The ATO are not "Cutoff-date" NAZIs", they are usually pretty good with these things.

For those who are interested, the fines the ATO can charge are $110 per month. A Fact sheet is here (http://www.ato.gov.au/content/downloads/n7093.pdf)


use an accountant, you can claim their cost next tax year

If you have very simple affairs, such as only salary/wage, some interst income, a couple if dividends and you have half a brain. Then using Tax pack and doing it yourself is prob best (and cheapest). Can't believe I am saying this:rolleyes:

Howver, if you a unsure or your affairs are a little more complicated, then it is best to seek professional advice. As Death said, the cost is tax deductable on the next years tax return.

[Lord Smelly]

You can still lodge a tax return (in fact you are required to if you have earned over $6000 income).

Whether or not they will fine you will depend on your circumstances. In general, if you have a "Refund" or "Nil" assessment, then it is highly unlikely that you will be fined. If this is your first time that your are late (or a long time since the last time your were late) then it is most likely you will get a warning. If however, you have a history of lateness, or they have written to you (and you have a "Payable" assessment), then it is most likely you will cop a fine.

On the down side, if you do have a "Payable" assessment, the ATO will charge you interest, even if they don't fine you for being late. (Interestingly, they will pay you interest if you have a refund.)

The ATO are not "Cutoff-date" NAZIs", they are usually pretty good with these things.

For those who are interested, the fines the ATO can charge are $110 per month. A Fact sheet is here (http://www.ato.gov.au/content/downloads/n7093.pdf)
pfft what would you know Monty, anyone would think your an accountant or some type of similar low life crook

[femme fatale]

I've just sent in three non-lodgement advices from several years ago to the tax office upon their request. I was unaware that for those years that I wasn't in paid employment I was required to send in a non-lodgement advice, and this year they sent me a letter asking for my outstanding tax returns, and giving me a date by which they had to be sent in. I called the tax office to tell them I hadn't been in paid employment during those years and the non-lodgement advice forms were sent to me and an extension of time granted. I'm hoping I wont be fined - they didn't mention a fine - this time... :|

[montyb8]

I've just sent in three non-lodgement advices from several years ago to the tax office upon their request. I was unaware that for those years that I wasn't in paid employment I was required to send in a non-lodgement advice, and this year they sent me a letter asking for my outstanding tax returns, and giving me a date by which they had to be sent in. I called the tax office to tell them I hadn't been in paid employment during those years and the non-lodgement advice forms were sent to me and an extension of time granted. I'm hoping I wont be fined - they didn't mention a fine - this time... :|


You will not be fined for fail to lodge a tax return because you were not required to lodge one.

The non lodgement advices are a way of letting the ATO know that you are not required so they can stop chasing you to lodge a return that is not required (hope that makes sense :confused:) The ATO won't have known that you stopped work or had other income.

If you know that you will not be lodging a return for a few years (or ever again), then you can sent the ATO a Non-lodgement advice marked "further return not necessary" (this can be done via letter).

Even though you lodge a "futher return not necessary", this will not stop you from lodging a return in the future, should your cercumstances change (in fact you would still be required to by law). It just means that the ATO will stop chasing you for one.

[snapper]

Monty, you a CPA or bookkeeper?

To be honest with you I use an accountant/bookeeper for 2 reasons:
1. I found one with good service that doesnt over charge and he finds lots of things for me to claim back. Many times the claims I get back are more than his costs.

2. I literally fall asleep when doing my taxes, it bores me to death I would rather work a few hours overtime each day for a week and pay the accountant to deal with it.

No offense but tax stuff is way too complex and boring for me. There is however plenty of money to be made if anyone is interested.

[montyb8]

Monty, you a CPA or bookkeeper?



According to Lord Smelly, I am many things :rolleyes:, but a CPA I am:cry:

[femme fatale]

You will not be fined for fail to lodge a tax return because you were not required to lodge one.

The non lodgement advices are a way of letting the ATO know that you are not required so they can stop chasing you to lodge a return that is not required (hope that makes sense :confused:) The ATO won't have known that you stopped work or had other income.

If you know that you will not be lodging a return for a few years (or ever again), then you can sent the ATO a Non-lodgement advice marked "further return not necessary" (this can be done via letter).

Even though you lodge a "futher return not necessary", this will not stop you from lodging a return in the future, should your cercumstances change (in fact you would still be required to by law). It just means that the ATO will stop chasing you for one.

:) Thanks mont - the cheque's in the mail. ;)

[MeanDean]

It just means that the ATO will stop chasing you for one.
Just out of curiosity, this doesn't sound mandatory to let them know you aren't earning anything, and that if someone decided not to let them know, and just let the ATO chase them for no reason at all, just to be annoying, then they couldn't actually get any penalty for this? Is this correct, that just for the sake of being a pest someone could just keep telling them to stop calling or whatever. I know it's a silly question, but still I'm curious.

On being a pest though, when the thing posted about the no call list for telemarketers was posted, I signed up as soon as I read it. Prior to that I had read of someone else's way of handling telemarketers and it was great so I started doing it, which was to sound interested and then say, "oh hey can hold on one sec" then just put the phone down and go back to what you were doing. This is valid pesting, but not the first paragraph.

Also one of the advantages of living in apartments with a security door is the ability to, when salesman get inside, go "How did you get in? You're trespassing! This is private property! Get the hell out! Do you want to go to jail, is that your problem?" But I've only done that once when I was in a really foul mood to begin with, and then I steped out and stood between the guy and the flight of stairs behind him really pissed off. Oh well, poor him, not so good of me but maybe he'll find a job that doesn't require him being a pest.
I've also for a long time wanted to just spend some extra time collecting all the junk mail in the neighborhood and sending it back to the establishments sending it out. I used to get really annoyed at all the realitor cards that says they have an interested buyer on the back, when I'm renting. I emailed some of them that I might know someone interested in buying the real estate company.

Well it's good that you folks have a cooperative tax office here. In the US I haven't filed in 7 or 8 or 9 years, and the worst that can happen to me I think is prison, and I do have to file even if I don't owe money. I rightfully dislike the US tax office, it's called the IRS there. The had a great system back in the 80's where if your friend cheated on their taxes and trusted you enough to mention it, you tipped off the IRS and they investigated, then you could receive a monetary reward... bringing the love between neighbours, they were.