Major Causes For Delay in Tax Return
Most of us prefer running away from the crumpled bill receipts and confusing tax return rules and hence the outcome; tax time stays lingering on the to-do list as a lifelong task.
How Procrastination of Taxes is a Big Problem?
The Tax Return Agent says that the Procrastination of taxes is a big annual problem in Australia. With thoughts of taxes dancing at the back of my mind, it adds unnecessary worry amongst the lazy procrastinators. By 31st October, which is the tax deadline, more than 65% of Australian citizens lodge their tax returns while the other ones wait to complete their tax filing.
This procrastination results in the usual last-minute commotion, tension, overlooked deductions, and fines! Thus it is always advisable to be on time and prevent such delays. Before finding out the answers, it is first important to seek the reasons for such delays which are stated below:
Major Causes For Delay in Tax Return:
Forget Taxes and Bid Them Farewell:
If you feel by disregarding tax payments you may get rid of taxes, then it is a major fallacy. Rather, neglecting tax payments will enhance your possibilities of ATO fines and interest costs. Thus, break out of your misbeliefs and file the tax as early as possible.
Lost Income Records (PAYG) (PAYG):
In case you’ve lost your income receipts and are unable to file taxes because of that, do not worry. You can call tax agents and they will aid you in collecting your tax records immediately from the ATO’s database. So, do not wait longer and hunt for an agency to help you submit the taxes easily. Additionally, you can immediately contact your company and ask for your PAYG copy.
Unable to Find Receipts of Tax:
First of all, to avoid such a catastrophe, it is recommended that you snapshot all your tax receipts and store them carefully in some folder. However, if you do not have your receipts, track down your work-related purchases through your email, images, calendars, and eventually bank statements to recall as much as you can.
No Idea About Tax Deductions That Can Be Claimed:
Many times people are unaware of the items for which taxes can be claimed. To tackle such a circumstance, most Australians acquire help from qualified tax advisors for lodging their tax returns. They not only give you competent tax suggestions but also make filing methods considerably easy.
Lack of Finances For Filing the Returns:
It may happen that you’re broke and unable to afford agent fees for filing the returns, in such instances you can pick agents to whom you don’t have to pay beforehand. In such circumstances the tax agents charge a very modest sum and file the return, the remaining fee is immediately removed from the refund amount when it comes to your bank account.
No Income for the Year:
Even if you have no revenue for any particular year, you need to file a non-lodgement form and tell the status to the ATO. This will offer an acknowledgment to the ATO about your filing status.
Income is less than the tax-free Threshold:
The tax-free threshold is $18,200 in Australia. In case your earning is less than the threshold amount you may still have to file a tax return. You have a private health insurance refund qualified for yourself.
Worried About the ATO Debt:
In case you owe any money to the ATO but are unable to pay the tax bills at that time, you can take help from a tax professional who will help you organize a payment schedule with ATO.