Late SMSF Tax Returns
Late/Overdue Business Activity Statement Lodgement Help:
Sometimes small business owners get tangled up with running their businesses and ensuring that the business runs smoothly and in doing so lose track of their tax obligations. The result: Overdue/Late Business Activity Statements (BAS). There is so much to accomplish for business owners in a set limited timeframe that it may prove difficult to organise everything in a timely manner. Tax compliance however should be on top of a small business owner’s task list since there are hefty fines for late/overdue Business Activity Statements. Such occurrences are punishable with heavy monetary fines and also court prosecutions. Given this, it is needless to say that you should ensure that BAS’s and essential lodgements are carried out in a timely and orderly manner. However, if you have been in a situation where you have Overdue/Late Business Activity Statements to be lodged and dealt with on an urgent basis, we are here to help. We have experience lodging and helping numerous people like you, who have many outstanding lodgements. We have also successfully avoided court proceedings without having the need to involve a tax lawyer. Below we have compiled some frequently asked questions.
Q.What are my options for lodging a Business Activity Statement?
A. There are many options for you to lodge your BAS. The options are;
- Lodge through a Tax agent – This is the way we shall lodge your BAS.
- Lodge Via a BAS Agent – If you choose to go this way they will not be able to assist with the lodgement of Tax Returns. And choosing to go with another provider may prove to be more expensive than if you chose to go with a tax agent well versed with dealing with such circumstances in the first place.
- Lodge by mail directly to the ATO – This lodgement process is very slow, if you were to do this by yourself, we recommend doing this via myGov.
- Lodge Online, through myGov, the ATO’s business portal or Standard Business Reporting Software – You would be required to carry out the bookkeeping and record keeping and ensuring the accuracy of your work.
Q.What are the due dates for lodging your Late/Overdue BAS?
BAS’s would be due in accordance with the below dates regardless of whether you are on time, before time (in advance) or late. Hence with regards to Late Business Activity Statements, we tend to involve the ATO quite early in the process and ensure that any proceedings are halted and in some cases we also try and also organise an extension. Standard Quarterly lodgement due dates below:
A. If you are reporting quarterly the due dates are as below
| Quarter | Due date |
| 1 – July, August and September | 28 October |
| 2 – October, November and December | 28 February |
| 3 – January, February and March | 28 April |
| 4 – April, May and June | 28 July |
If you are reporting monthly then the due date is usually the 21st of the following month.
Q.I have been fined by the ATO for non-lodgement of Late Business Activity Statement (BAS), how could I get the fine waived?
During our one on one consultation, depending on the circumstances we may be able to either suggest applying for a penalty remission to either reduce the fine or get this waived. We shall explain the process pertaining this during our one on one conversation.
Q.I have been charged penalty interest, how could I get this waived?
Similar to the process of getting a fine reduced or waived, we need to apply to the tax office to either get this fine reduced or waived.
Q.Do you charge more for Late/Overdue BAS’s?
We have set standard fees for BAS lodgements. We do not charge extra with regards to the preparation of the urgent or Late/Overdue Business Activity Statement lodgements. You would be paying the same fee that a standard BAS client would pay.
Q.How do I pay my BAS?
The quickest and simplest way to pay your BAS is with BPAY via credit/debit card. You will need to quote your unique payment reference number or PRN.
You can also pay by other methods such as:
- EFT Transfer
- At an Australian Post Outlet
- Mail your payment slip and cheque to the ATO
Q.I haven’t received my BAS refund yet. What’s happened?
After the ATO has processed your BAS, either of two situations will occur. Either you will owe the ATO money, or the ATO will owe you money, which is known as a refund.
There are some circumstances in which the ATO will not pay a refund which are noted below:
- Used to offset an existing tax debt.
- Retained until additional information is provided.
- Incorrect banking details have been provided.
- There are outstanding activity statements which need to be lodged.
We at A One Accountants have helped numerous clients with reducing the penalties and interest charged on Late/Overdue Business Activity Statements. We have also helped numerous tax clients lodge Late/overdue Business Activity Statements and correspond and deal with the ATO to avoid further proceedings without having to involve lawyers. Contact us for an obligation free meeting and discussion pertaining how we could be of assistance to you in a Late/Overdue BAS situation affecting your tax obligations with the tax office.
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