Forgot to lodge your 2017 late tax return?
We get it. Life gets busy when you’re dealing with taking care of the kids or rushing to work to finish your proposal for that promotion you’ve been wanting. The deadline passed on 31 October for the 2016-2017 fiscal year, but you’re still in luck. No need to stress, you can still lodge your 2017 late taxes online right from your bedroom.
Read on to find out the consequences of lodging a late tax return and what steps you need to take.
Late Lodgement Penalties
Keep in mind, penalties will not apply to a late lodged tax return, fringe benefits tax return (FBT), and goods and services tax return (GST) if you end up receiving a refund or end up with zero for your refund and tax liability. For example, if your 2017 late taxes have a refund of $300, you will not receive penalties for your tax return. On the other hand, for those with a tax liability, the ATO will send a letter including the penalty amount and due date.
Typically, the payment due date is at least 14 days after the notice was given. If you have a past due balance and a late fee penalty or have already paid the ATO, you cannot claim a deduction for penalties paid during the tax year. However, if you are required to pay a tax due to the ATO, returns lodged after 31 October 2017 are subject to late fees such as:
- A Late fee penalty of $210 on or after 1 July 2017.
- Fees increase by $210 after 28 days
- Penalties to the maximum of $1050
Help! I can’t afford to pay this penalty.
If you have a tax due, it’s probably burning a hole in your pocket. If you can’t afford to pay the fees in addition to your tax liability in the full amount, you can request for it to be remitted fully or partially. Nonetheless, in order to request remission, your penalty must be below $10,000 and if the amount exceeds $10,000 you can contact the ATO explaining the circumstances which led to the failure to lodge on time as well as the reasons why the penalty should be remitted. The same process applies to you if you feel the penalty imposed is unjust. You can view more information on the remission process here.
What do I need in order to lodge?
First off, you need your income statements such as your PAYG summaries or Centrelink Summaries. If you don’t have your income statements, here’s how to obtain your payment summaries:
- Contact your employer and request a copy.
- Request a letter stating your income and withholding from your employer.
If all else fails, you can lodge with us without income statements. Instead, estimate your income and withholdings. You can use the ATO Gross Pay Estimator for an accurate estimate of your 2017 late taxes online.
Gather your receipts.
One word that we can’t stress enough is receipts! The ATO wants taxpayers to have records of all their expenses and even say that you should keep your written evidence for up to five years. Receipts are important as it shows how you calculate your refund amount or tax due to the ATO. E-lodge advises you to have receipts for all expenses, statements of additional taxes, gifts, donations, and contributions.
Lodge Your 2017 Late Tax Return Online:
You can choose to use a registered tax agent to lodge your return or order tax forms from the ATO to lodge a self-prepared return, but you might encounter long waiting times. In spite of that, E-Lodge calculates your refund while you enter your tax information. We make lodging easy for late taxes. Follow these easy steps to lodge your late taxes:
- Go to E-Lodge to create an account.
- Select your tax year from the drop-down menu to create a username and password.
- Enter your tax information.
- Submit your tax return and you’re done!
Regardless, if E-Lodge notices that you have made a mistake, we will contact you directly on your message board. Click here to find out more about lodging your 2017 late taxes online with E-Lodge.
What are you waiting for?
Let E-Lodge take the weight off your shoulders with not only lodging your 2017 late taxes online but your late taxes going back to the 2006-2007 tax year. Start now and by creating an account! Our live representatives are here to help with your questions.
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