Our neighbours suspect they will have a big tax bill for the 2015 year, but they don’t have the money to pay it. They’ve decided to delay lodging their 2015 return until December 2016 when they expect that they will have enough money to cover the tax they owe.
Ans (Jenelle from Affinitas)
Delaying lodgement in this manner is a mistake. The ATO takes a dim view of people who fall behind with their tax lodgement obligations and these taxpayers are more likely to be audited and fined.
Beryl’s neighbour would be better advised to lodge the return on time and then discuss with the ATO a payment arrangement for the debt.
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