Have you been worrying about late tax return
Do not anguish! DDO Accountants should be able to help you get out of the tax trap if you see it that way. Avoid distress of the default assessment with the ATO by calling us immediately.
We have worked with hundreds of taxpayers who had late tax returns lodged, who says how relieved they are from the moment they called.
Having late tax returns is not sort of problem that’s going to go away. When you face up to it and get it done? Being late with a tax return can hinder access to bank loans or receiving government benefits.
We have been through these matter many times over, cognised the complexities of each services in detail. It is not uncommon to see a taxpayer who are three to five years late with their tax returns coming to us in panic, they ended up with a unexpected tax refund, most cases.
When the taxman given notice that we are responsible to managing your late tax affair. Guided by truth you won’t have to deal directly with ATO can be very comforting. Once you appointed us your Tax Agents, in keeping with truth that DDO Accountants now contracted to deal with the ATO on your behalf.
Supposing that all your late tax returns are refunds, in all likely hood they be assessed without penalty. In case that you owe the taxman, they generally ask for an explanation as to why your late. The ATO may issue fine or fines (failure to lodge on time) for late lodgements. Could be charge interest on money owing. In spite of that if one have a reasonable excuse the interest charges often be waived. DDO Accountants experienced negotiating on behalf of taxpayers with late tax returns, we’ve been able to negotiate fine to be waived. The ATO usually issuing a warning letter prior to penalty. If you receive one of these notices, important to act immediately and appoint a Tax Agent soon to avoid making your case further complicated, incur added further costs.
What will it cost to get a late tax returns lodged?
Late tax returns are charged at comparable rate as the current year tax returns. You also have investment property or complex matter? Do not tormenting, talk to DDO Accountants over the phone to get the process underway sooner and stop worrying.
Default assessment sent from ATO
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A default assessment warning issued to a taxpayer with late tax returns should the taxman believes they can reclaim tax liability from other sources.
The tax office decision to act upon is generally taken when the ATO’s great extent data matching system indicates your tax liability by matching your earning, dividends received, foreign source income, banks interest income, trust distributions income and from other source which you may not know yourself.
The ATO may also issue a default assessment when they believe a tax return that has been filed in the past is incorrect and they suspect other income has not been declared. The default assessment notice known as an “assets betterment” basis of assessment and is reserved for those taxpayer ATO believe are living above their means, based on annual income declared in income tax return.
In the case that you receive a default assessment warning letter, foremost to have a Tax Agent appointed immediately so the problem doesn’t get escalated to higher up level.
When a default assessment issued, it basically to intend that your tax return will be prepared by the ATO themselve. They are the last body of a state you want to file tax return on your behalf! If they have to resort to this method, they are not required to correctly ascertain the taxpayer’s liability and do not have to make inquiries about your income or your deductions. Whilst the tax office cannot guess your default assessment, there is not a high degree of accurateness required from their end.
We experienced in helping taxpayers to object against a default assessment pre-plotted by ATO
Call DDO Accountants today if you have the same concerned pertaining to late tax return.