Newsletter
October 2010 Newsletter
Tax Office Eyes Overdue Tax Lodgments
The Tax Office has recently advised that it will write to more than 19,500 tax agents about their clients (other than large businesses and super funds) who have overdue lodgment obligations. The letter will include a list of company, trust, partnership and individual taxpayers with overdue income tax returns for any period between 1 July 2005 and 30 June 2009, and overdue activity statements for any period between 1 July 2005 and 31 December 2009.
TIP: The Tax Office said if tax agents have any concerns about the accuracy of the client list they receive, they should contact the Tax Office on 13 72 86 Fast Key Code 1 3 2 between 8.00am and 6.00pm, Monday to Friday. It may be the case that a taxpayer does not need to lodge. The Tax Office, however, requests that it be advised immediately.
TIP: It should be noted that outstanding returns and activity statements will generally attract penalties. In addition, the Tax Office will charge interest where tax debts remain unpaid. However, there are circumstances where the Commissioner may remit the penalty and any interest charges.