It’s never too late to get your tax up-to-date

By October 14, 2016Uncategorized

As the deadline for lodgment of 2016 tax returns is approaching it’s also a good time to make sure you are up to date with all your past tax returns.

Assistant Commissioner Graham Whyte said while it’s best to make sure you lodge each year’s tax return by 31 October that year, if for some reason you have missed one, you can lodge a tax return from a previous year at any time.

”Most people who haven’t lodged are entitled to a refund on that tax return and they are missing out on money that is theirs. We encourage people to lodge prior year returns so that they get their money back.”

“If you are due a refund for a prior year you will not be penalised, which means there is no reason to delay getting up to date.”

We find that people get concerned when they get behind and then put things off. Remember it’s your money and better off in your pocket. Don’t wait – just get up to date.

Mr Whyte said that if you lodge after the deadline and you have a debt, general interest charge is applied to the amount from the date it was due to be paid until it is paid.

“This interest charge aims to compensate the community for the impact of late payments, to ensure that taxpayers who underpay their tax for a period don’t receive an advantage over those who have paid their tax on time.”

“Our systems for detecting and catching people who are dodging their obligations are more sophisticated than ever. So it is better to just do the right thing and lodge any outstanding tax returns you have before we approach you.

Mr Whyte said there are several options for lodging a prior year tax return.

“You can use a registered tax agent who can prepare and lodge for you. You can also lodge a 2014 or 2015 tax return using myTax if you have straightforward tax affairs,” Mr Whyte said.

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