Overdue Tax Return – ATO Tax Lodgement Advice

1. Overdue Tax Return – ATO Tax Lodgement Advice Safe & Secure An overdue tax return simply means you haven’t submitted your tax paperwork by the deadline set by the government. Think of it like a deadline for a task—except this task involves organizing your financial information and sending it to the tax office. . www.taxly.ai

2. What is the FTL Penalty on Overdue Tax Return? An FTL (Failure to Lodge) penalty comes into play when you miss the deadline for submitting your tax-related documents, such as tax returns, reporting PAYG installments, or GST/PAYG withholding on an activity statement. However, it’s not an immediate slap on the wrist. Sometimes life gets busy, and despite your best efforts, you might miss the due date. The tax office understands this and doesn’t rush to penalize for a one-off late lodgment. Your circumstances matter here. ATO considers various factors before taking any action. For instance, if you forget to lodge, they’ll likely give you a heads-up through a phone call or a written warning. They want to make sure you’re aware of the situation. www.taxly.ai

3. Overdue Tax Returns to which FLT Penalties are Applied Now, ATO uses a system that automatically slaps a penalty on late submissions. This penalty can apply to various things you need to submit, like your activity statements, tax returns, reports about fringe benefits tax (FBT), annual GST returns, and more. Automated FTL Penalties: Applied to late-lodged returns, reports, and statements including: • Activity statements • Tax returns • FBT (Fringe Benefits Tax) returns • PAYG (Pay As You Go) withholding annual reports • Single Touch Payroll reports • Annual GST returns and information reports • Taxable payment annual reports. www.taxly.ai

4. Can you Avoid Overdue Tax Return FLT Penalties? If you receive a penalty notice for failing to lodge on time, you can request a remission if there are extenuating circumstances. The ATO has the discretion to reduce (remit) the penalty based on your individual circumstances. Applicable circumstances include Natural disaster. Serious illness, or other unforeseen circumstances beyond your control that prevented you or your agent from requesting more time to lodge. www.taxly.ai

5. How to Be Safe from FLT Penalties? The safe harbour provision shields you from an FTL (Failure to Lodge) penalty if you hired a registered tax agent or BAS (Business Activity Statement) agent to lodge your tax return or statement, given that both conditions below are met: You Provided Relevant Information: You must demonstrate that you supplied all necessary tax information to your agent on time, enabling them to lodge your return or statement by the due date. Agent’s Failure Was Not Reckless or Intentional: The agent’s failure to lodge your return or statement must not stem from recklessness or intentional disregard of the law. To qualify for the safe harbour, you’ll need evidence that you furnished all relevant information to your agent within the stipulated time frame for timely lodgement. If, after assessment, it’s determined that the safe harbour provision doesn’t apply, you still have the option to request remission of the FTL penalty. www.taxly.ai

6. The Bottomline Overdue tax return may result in FLT penalties, so it’s crucial to lodge a tax return even if past the due date. Seek guidance from a tax professional if necessary. If eligible, ask for remission of penalties due to genuine reasons like illness or unexpected events. Timely action can minimize penalties and avoid further complications with the tax office. www.taxly.ai

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