Lodging Your Tax Return Mount Druitt (3)

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What Will Happen If You Lodge Your Tax Return
Late?

• Learn what happens if you make the mistake of
  lodging your tax return past the due date in
  Mount Druitt, including any potential penalties.
• Failure to lodge your tax return on time in Mount
  Druitt can have serious implications - penalties
  and fines, interest charges, and enforcement
  action may all be taken against those who do not
  submit their returns by the required deadline.
  Learn more here about what happens if you forget
  to file your taxes and how to avoid tax
  penalties.

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Lodging Your Tax Return Mount Druitt

• Interest And Penalties One of the biggest
  implications of not lodging your tax return Mount
  Druitt on time is the introduction of a financial
  penalty. The ATO (Australian Taxation Office)
  will apply interest, and other fees to late
  returns, which can mean that you're out of pocket
  even more than your original debt would have
  been. In addition, keep in mind that there are
  other means of enforcement if necessary, such as
  garnisheeing bank accounts or services, and
  further action may be taken to collect unpaid
  taxes - so make sure to stay on top of this
  important task!

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• IRS Audits If you don't lodge your tax return on
  time, it is more likely that the ATO will
  undertake an audit of your financial position. An
  IRS (Income Review and Surveillance) audit is a
  program initiated by the ATO to ensure that
  taxpayers have reported income correctly. Audits
  can include reviewing electronic records for bank
  account activity, electronically filing tax
  returns, and carrying out phone or face-to-face
  interviews with taxpayers. In addition,
  businesses may be asked to provide additional
  evidence of sales turnover, profits, or
  compliance with tax obligations.

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Lodging Your Tax Return Mount Druitt

• ATO reviews on individuals or businesses In
  addition to issuing interest and fines for late
  tax returns, the ATO also has the power to review
  a taxpayer's financial situation in more detail
  if they are found to be evading their
  obligations. For businesses, this may include
  income and debt verification along with a review
  of operational transactions. Individuals may be
  asked to verify their accounts, provide
  additional documentation or explain certain items
  reported on the return. Therefore, you must keep
  accurate records throughout the year and prepare
  them in case of an ATO audit.

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• Prosecution For Non-lodgment Or Providing False
  Information In Return The ATO also has the power
  to prosecute anyone who fails to lodge tax
  returns on time or knowingly provides false
  information in return for monies due. Penalties,
  such as fines and prison sentences, can be
  charged for any false documents or statements
  given to the ATO in relation to the non-payment
  of taxes. In addition, it is illegal to provide a
  false document or statement, sign a document
  knowing it contains false information, and
  fraudulently claim an exemption entitlement that
  doesn't exist.

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What Will Happen If You Lodge Your Tax Return
Late?

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