2 Easy Steps To Get Back On Track With Your Late Tax Return

Lodging a tax return every year is a mandatory requirement for taxpayers. However, late tax returns are still prevalent among Australians. The most common reason behind this failure is having previous year's tax return that's long overdue or holding multiple years of late tax returns. For some taxpayers, these can be embarrassing.

Nevertheless, we're not here to criticize you about being unable to accomplish your tax commitments on time. Instead, we're here to help you get back on track.

Here, we listed two of the best methods that can help you solve your tax return dilemma with ease.

Catch Up On Late Tax Returns

There's no better way to handle late tax returns than to catch up with them. Many taxpayers find themselves falling behind their tax obligation because they often choose to delay than face the situation head-on.

We say don't wait for the letter from the ATO. Set an appointment with your accountant as soon as possible to find a better solution for your tax return issue. 

It is also essential to realize that tax accountants are not your enemies. Instead, they will help you gain control and manage your tax and financial circumstance without making you feel guilty or embarrassed, regardless of the reason why you fell behind your tax responsibilities. Contrary to popular belief, fixing late tax returns is quite simple, especially if you wouldn't allow the situation to grow worse.

Getting up to date will not only provide you with a solution, but it will also bring you peace of mind. To stress the importance of lodging an income tax return every year,  if you fail to lodge, the ATO may apply a number of sanctions and penalties to force you to lodge. They can also penalise you for lodging late. Thus, exerting an effort to catch up with your late tax returns is a necessary move to get back on the surface and avoid potential penalties.

Seek Help From Tax Professionals

There is a long list of reasons why you need to seek help from tax experts instead of doing everything yourself. Yes, you may be able to lodge late tax returns yourself, but it is not an advisable thing to do, especially if you want to ensure you get everything right. Here are the other benefits of hiring an expert to get the job done for you:

• Peace of mind when it comes to the process. With the help of a tax accountant, you are guaranteed that your returns are presented right and lodged accurately.
• Accessibility to useful tools and resources. Tax accountants can help you access lodgement history and tax records with ease and convenience compared to doing it all by yourself.
• Expert knowledge. Tax accountants will not only ensure that you've declared all relevant deductions, but they also have the knowledge to prevent you from paying excess tax legally.
• Client education. After the process, tax accountants will provide you with pointers that can help you easily resolve your financial problems in the future.

On the contrary, attempting to do the entire process all on your own may cause you the following:

• Making mistakes that might negatively impact the whole procedure.
• Overlooking essential details causing you to pay excess tax.
• Wasting time, energy and money and not accomplishing the task.
• Making yourself more frustrated, confused and stressed with what you need to do to get back on track.

All in all, finding the right team of professionals in Australia is not that hard to do. At Knox Taxation and Business Advisory, we always attend to our clients' needs regardless of their background. We always make sure to never let them feel guilty or embarrassed about their tax return situation. If you want to work with a tax accountant in Melbourne CBD, we'll be right here to help you.