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Late Tax Returns Are Not Going Away

May 30, 2012 by Ben Collins in Business with 0 Comments

The ATO have just finished yet another upgrade of their systems which they hope will help sniff out those recalcitrant taxpayers who have not filed a tax return for a number of years.

In the past the ATO have been slow to catch on to people who have not filed prior to the time their systems went fully online, somewhere around the year 2000. However, continued improvements in data matching efforts and significant developments with cross agency cooperation has seen many people get warning letters for late tax returns after more than ten years of hearing nothing.

The ATO remain secretive about the data they obtain on Australians, but are adamant that if you have late tax returns, then it’s only a matter of time before the ATO catch up with you. Sydney based accounting firm, My Mother Hen Chartered Accountants, have seen an increase in the number of people who are coming out of the woodwork since receiving warning letters.

The good news is that the Australian Taxation Office are surprisingly lenient when people put their hand up and lodge their late tax returns without having to be constantly hounded. Generally speaking, those taxpayers who get their tax returns up to date before they receive their second warning letter will be much better placed to negotiate leniency when it comes to fines or more serious penalties.

For more information oon how to get up to date with your late tax returns, contact My Mother Hen on (02) 8005 0450.

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