I’ve been working in the accounting industry for over ten years now, and one thing I see a lot of are people who have fallen behind with multiple years of outstanding tax returns.
I’ve seen anywhere from three years to fifteen years’ worth of tax returns due. Usually, these clients have various excuses for falling behind that range from wanting to delay tax debt to life getting the better of them and tax being put in the ‘too hard basket.
Sometimes the result is what my clients expected, but most of the time, it’s not as bad as they expect it to be. The one thing that seemed to be consistent throughout every case was that everyone I’ve seen in this situation felt so thankful and relieved to be up to date when everything was finally complete.
The risk of having outstanding returns – especially for those operating a business or have had tax payable in the past – is that the ATO can come down hard with penalties and interest. It can weigh on your mind and be a source of stress, preventing you from being approved for finance.
It doesn’t have to be painful! With the right people there to help, it can be pretty quick and painless to get all your outstanding tax returns up to date, even if life is coming at you a hundred miles an hour. There’s a lot that we accountants or even you yourself can to do ease the burden.
For example, tax debts can be put into a payment arrangement. Communication with the ATO regarding overdue returns can keep them at bay for periods to allow you to catch up, and if you don’t have enough time to make the call, then your accountant will. There’s a solution for every problem, so stay connected with us and let us make life easier. Ease the burden, take care of your outstanding tax returns.