Don’t forget when it’s tax time
We’re not a nation of tax dodgers, contrary to some reports. Indeed, the vast majority of businesses follow all the right steps, but sometimes it’s easy to get caught out because you’re too busy, or simply forgot to lodge your returns on time. Indeed, the ATO claims almost 20% of Australians fail to deal with their returns when they are required.
Of course, if you’re an employee, you rely on your employer to put aside a sufficient sum to meet your tax obligations. For employers though, it’s important to keep a plan throughout the year.
ATO technology is on the case
Today, the Australian Taxation Office has the technology to track anyone who fails to lodge tax returns in time.
Thanks to the use of data matching technology, almost all financial transactions can be observed, including bank accounts, payment summaries (formally known as group certificates), share dividends, property sales, and also any large bank deposits are reported to the ATO.
Keep the ATO on your side
Despite what some may think, the ATO are always happy to provide good advice and will explain the best ways to manage your tax and how to avoid incurring tax debt.
More tax options available to you
Obviously, it’s advisable to avoid tax debt. If you can’t manage to make your tax commitments in full, you’ll find through seeking professional advice that a payment plan can usually be arranged. In general, if you’re open and honest with your representative, they will do their best to help you avoid tax debt and sleepless nights.
MyTaxDebt has teams of tax specialists all over Australia and if you have tax debt problems, or are part of a company that has tax debt problems, fill out an enquiry form or call 1300 333 433 for a free consultation on your situation.
Don’t forget when it’s tax time
We’re not a nation of tax dodgers, contrary to some reports. Indeed, the vast majority of businesses follow all the right steps, but sometimes it’s easy to get caught out because you’re too busy, or simply forgot to lodge your returns on time. Indeed, the ATO claims almost 20% of Australians fail to deal with their returns when they are required.
Of course, if you’re an employee, you rely on your employer to put aside a sufficient sum to meet your tax obligations. For employers though, it’s important to keep a plan throughout the year.
ATO technology is on the case
Today, the Australian Taxation Office has the technology to track anyone who fails to lodge tax returns in time.
Thanks to the use of data matching technology, almost all financial transactions can be observed, including bank accounts, payment summaries (formally known as group certificates), share dividends, property sales, and also any large bank deposits are reported to the ATO.
Keep the ATO on your side
Despite what some may think, the ATO are always happy to provide good advice and will explain the best ways to manage your tax and how to avoid incurring tax debt.
More tax options available to you
Obviously, it’s advisable to avoid tax debt. If you can’t manage to make your tax commitments in full, you’ll find through seeking professional advice that a payment plan can usually be arranged. In general, if you’re open and honest with your representative, they will do their best to help you avoid tax debt and sleepless nights.
MyTaxDebt has teams of tax specialists all over Australia and if you have tax debt problems, or are part of a company that has tax debt problems, fill out an enquiry form or call 1300 333 433 for a free consultation on your situation.
