We are very experienced in preparing prior year tax returns and you’ll be surprised how quick and painless the process is.
We are fast and highly experienced
We can access online most of the information needed
We prepare tax returns confidentially and without judgement
We prepare Tax returns online & via phone or videocall
What will happen if I don’t lodge my late tax returns?
Having said that, after a number of years, the ATO will likely send you warning letters to lodge either by post or via MyGov. If so, the letters will likely get nastier if you continue to ignore them. If the ATO suspects that you owe them tax, then it usually doesn’t end well if you continue to ignore them year after year. The ATO has the option of issuing a default assessment for one or more overdue tax returns. This means they decide how much tax they think you should be paying for a particular year, based on information available to them. Once they issue a default assessment, the only option you have is to object to the assessment within the time limit (usually 2 years). Lodging an objection can be expensive. So it’s a lot smarter to lodge your tax return, including previous year tax returns, before it gets to this stage.
Do I need to lodge a tax return for every year?
If you don’t need to lodge a tax return for a particular year, we can lodge a “return not necessary” at no cost to you.
How far back can you lodge tax returns?
I can’t find all my records, are you able to help me?
How quick will my late tax returns be processed?
How much will it cost to lodge my late tax returns?
Provided your estimated refund is sufficient, you can request to have our fees automatically deducted from your refund. This incurs a surcharge of $40 extra per return though.
Fortunately, all Bristax fees are tax deductible on your next tax return, even if the fees relate to multiple prior years!
Are there penalties or fines for late or overdue tax returns?
The ATO does not normally apply a penalty for a tax return that results in a tax refund or no tax payable. The ATO is more likely to apply a penalty if:
- You have more than 1 tax return outstanding
- You have not complied with a request to lodge your tax return
- You have a poor lodgment and/or payment history
Can FTL penalties and GIC be reduced?
- You have a refund available from the tax return instead of owing tax
- You have significant personal or domestic difficulties beyond your control
- You have a severe illness, or you were caring for another person who was sick with a severe illness
- You were involved with a natural disaster
- Other appropriate circumstances considered fair and reasonable
Some of the factors the ATO considers prior to applying the FTL penalty are:
- The compliance history of the entity.
- The effort it took to obtain lodgement.
- The value of the information to be disclosed in the taxation document.
- Whether the entity is aware of their lodgement obligations and the consequences involved in not meeting their obligations.
- Whether the entity had an opportunity to comply.
- The length of time the taxation document is overdue.
- Any contact the entity or their representative may have had with the ATO prior to the due date for lodgement.
Bristax has lodged thousands of overdue tax returns without any penalties. In some cases where penalties have been applied, we have generally experienced success in applying for penalties to be remitted. However, there is no absolute guarantee that the ATO will remit penalties. It is a matter of presenting a persuasive case to the ATO as to why you deserve remission.
What if I can't pay my outstanding tax bill?
Can I claim work related expenses on my overdue tax returns?
Why should I use Bristax to lodge my late tax returns?
1. We maximise your tax refund. For example, many tax agents won’t claim deductions unless you can provide expense receipts. At Bristax, our expertise enables us to claim certain expenses even if you don’t have the receipts. For more information on our expertise and why it’s so important, see our tax accountants page.
2. We can prepare your tax returns even if you are missing documents. For example, many tax agents don’t know how to prepare a tax return without an employer income statement (aka payment summary). We do.
3. Our simpler process equals faster lodgement. We don’t ask you a whole lot of irrelevant questions, only the questions that matter. Don’t wait months to lodge your overdue tax returns. We can usually prepare outstanding tax returns going back to 2001 within 3 business days of receiving all necessary information. If urgently required, we can prepare and lodge returns within 24 hours from receiving all necessary information.
HOW DO I LODGE MY OVERDUE TAX RETURNS?
We then check your ATO income tax account and clarify exactly what tax returns need to be lodged, any info we need from you, and a quote if you wish to proceed further.
We can usually obtain the following information from the ATO from 2001 onwards:
- Employer income statements
- Bank interest income
- Dividend & managed fund income
- Private health insurance statement
Normally, pricing as per our Pricing page applies, unless there are abnormal complexities.