HOW TO OVERCOME OVERDUE TAX RETURNS?

HOW TO OVERCOME OVERDUE TAX RETURNS? 2 THE COMMISSIONER OF TAXATION ADMINISTERS TAX LAW IN AUSTRALIA AND DIRECTS EVERY TAXPAYER TO DECLARE THEIR INCOME FOR AN INCOME TAX ASSESSMENT BY THE DUE DATE. TAX LAW REQUIRES EVERY TAXPAYER TO TAX TIME IS WELCOMED BY MOST WHERE TAX REFUNDS ARE SELF-ASSESS THEIR TAX OBLIGATIONS, IF DUE, YET OTHERS MAY FRET OVER HOW MUCH TAX THEY WILL YOU ARE UNABLE TO SELF-ASSESS, YOUR NEED TO PAY. TAX AGENT CAN PREPARE AN ESTIMATE AND ADVISE YOU OF YOUR ESTIMATED TAX LIABILITY OR TAX REFUND OWED TO YOU. THE STRESS OF TAX TIME CAN BE OVER- 1 WHELMING FOR MANY CAUSING TAXPAYERS TO DELAY OR AVOID THEIR LODGEMENT OBLIGATIONS, OVERDUE TAX RETURNS CAN CAUSE MORE PROBLEMS TO THE TAXPAYER THAN THE TAX LIABILITY ITSELF. TAX 3 THE COMMISSIONER COULD MAKE A DEFAULT ASSESSMENT IF YOU FAIL TO LODGE YOUR TAX RETURN AND THE AUSTRALIAN TAX OFFICE HOLDS ENOUCH INFORMATION ABOUT YOUR INCOME TO MAKE AN ASSESSMENT, THIS MAY RESULT IN A MORE UNFAVORABLE OUTCOME. ALTHOUGH DELAY- ING THE LODGEMENT OF YOUR OVERDUE TAX RETURNS SEEMS THE RIGHT THING TO DO TO FURTHER DELAY YOUR PAYMENT OBLIGATION, YOU MAY INCUR LATE LODGEMENT AND PAYMENT PENALTIES AS WELL AS INTEREST ON TOP OF YOUR PAYMENT OBLIGATION. TAXES AVOIDING LODGEMENT OBLIGATIONS DUE TO THE FEAR OF HAVING A TAX LIABILITY CAN BE OVERCOME BY KNOWING HOW TO MANAGE YOUR TAXATION AFFAIRS. YOU CAN AVOID LATE LODGEMENT PENALTIES BY LODG- ING ON TIME, AND IF YOU HAVE A TAX LIABILITY THAT YOU ARE UNABLE TO SETTLE BEFORE THE DUE DATE, YOU CAN NEGOTIATE A PAYMENT ARRANGEMENT WITH THE AUS- TRALIAN TAX OFFICE. A PAYMENT ARRANGEMENT STILL ATTRACTS GENERAL INTEREST CHARGES, HOWEVER, YOU MAY BE ABLE TO REQUEST A REMISSION OF INTEREST WHEN THE LIABILITY HAS BEEN PAID IN FULL AND YOUR CIRCUMSTANCES FIT THE CRITERIA FOR REMISSION. DELAYING OR AVOIDING YOUR OBLIGATIONS WONT MAKE THE PROBLEM GO AWAY, HOOWEVER, USING THE SERVICES OF YOUR TAX AGENT WILL HELP YOU MANAGE ALL YOUR TAXATION AFFAIRS INCLUDING OBLIGATIONS AND TAX DEBTS, AS WELL AS ASSISTING YOU TO MITIGATE THE RISKS ASSOCIATED WITH PENALTIES, INTEREST AND INCOR- RECT ASSESSMENTS.