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Getting back on the tax wagon

Good intentions new tax tables

Okay, so you started off with the best of intentions – to get your tax done early. You had your payment summary, your Private Health Insurance tax statement and a few receipts but you were missing one or two other pieces of information you needed before seeing your Accountant and getting your Tax Return prepared and lodged. You feel good that you made a start and it will only take a couple of days to get the rest of the information.

A week later you still haven’t got the information. It’s okay because you will have it shortly. You think about it now and then, but it is always at a funny time when you can’t do anything about it.

It is now a few weeks and you still haven’t been able to get the information. Soon the weeks become months and before you know it the next year has come around and it is time to do the following years return. Great you think, you can do them together but now there is more information required.

You go through the cycle again and suddenly there are three returns outstanding. Inside you notice the stress hasn’t got any worse. By now the Tax Office have stopped sending reminder letters, probably because you have moved a few times and they don’t know where you are living.

A few more years a few more returns. You really want to get them sorted but it just doesn’t get done.

Getting back on the wagon

This happened to a mate of mine. He got out to about 8 years. One day enough was enough and he finally made an appointment to see me. I was quite relieved as he knew what I did but we never talked about his tax and I wondered why he never got me to do it (I had been doing his wife’s returns for years). Finally, I knew why – he just had not done it.

When he came in to my office he had this really glum look on his face. I had never seen him this worried. After some small talk I thought he was about to confess that he had killed his wife, he looked so tense. But he finally admitted that he had not done his tax for eight years.

Anyway, not long after I got the returns lodged and my mate ended up with a total refund of over $10,000. Not a bad reward for finally getting the returns lodged.

Just recently we had another client who for different reasons had not lodged a tax return for 18 years. We got the returns lodged and he walked away with over $49,000. Wow.

How to get your tax lodgments up to date

So, if the above stories resonate with you then get in touch with us so we can get you back on the wagon. Whilst there is no guarantee that you will end up with a large refund I can guarantee that you will feel better once you are finally up to date once again.

Even if you don’t qualify for a refund and have to pay the taxman, we have a great record in negotiating with the Tax Office on behalf of clients to get a suitable payment arrangement and reduced penalties.

There you have it. Whatever the reason you haven’t got around to lodging your personal returns, business returns or activity statements, we can help. If it is time for you to get back on the tax wagon, then send me an email or give my team a call on 9381 9377. You will feel better for it, you know you will.

Malcolm Stewart  |  malcolm@mjsbusiness.com.au

MJS Business & Financial Services