{"id":100719,"date":"2025-01-28T13:35:00","date_gmt":"2025-01-28T02:35:00","guid":{"rendered":"https:\/\/en.econostrum.info\/au\/?p=100719"},"modified":"2025-01-28T13:15:29","modified_gmt":"2025-01-28T02:15:29","slug":"atos-warning-to-australians-overdue-tax-returns-could-cost-you-1650","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/au\/atos-warning-to-australians-overdue-tax-returns-could-cost-you-1650\/","title":{"rendered":"ATO’s Warning to Australians: Overdue Tax Returns Could Cost You $1,650"},"content":{"rendered":"\n

The Australian Taxation Office (ATO)<\/strong> has intensified efforts to address overdue tax returns, actively contacting taxpayers to remind them of their obligations. Reports indicate that individuals, particularly those with an Australian Business Number (ABN)<\/strong>, have been receiving phone calls and voicemails urging them to lodge overdue returns and explain their delays.<\/p>\n\n\n\n

Why the ATO Is Contacting Taxpayers<\/h2>\n\n\n\n

According to Jenny Theodore<\/strong>, founder of Eire Consulting, the ATO has ramped up engagement with taxpayers who missed the October 31 deadline for the previous tax year. These calls have primarily targeted individuals with ABNs, who often owe taxes at the end of the financial year rather than having them withheld through a Tax File Number <\/a>(TFN)<\/strong>.<\/p>\n\n\n\n

The ATO\u2019s focus on ABN holders stems from the likelihood of outstanding tax debts. Tax agent Theodore explained, \u201cWith a TFN, tax is withheld from your salary when you are paid. With an ABN, you\u2019re generally responsible for paying tax after the income is earned.\u201d<\/p>\n\n\n\n

Penalties for Overdue Tax Returns<\/h3>\n\n\n\n

Failure to lodge a tax return can result in penalties and interest charges. The failure to lodge penalty<\/strong> accrues at $330 for every 28-day period the return is late, up to a maximum of $1,650. Additionally, the general interest charge (GIC)<\/strong>, currently set at an annual rate of 11.42%, applies to unpaid tax debts. These charges can compound, significantly increasing the amount owed.<\/p>\n\n\n\n

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@eireconsulting<\/a>

\u2b50\ufe0f ATO Follow-up \u2b50\ufe0f Have you had a call from the ATO looking for an update on your outstanding tax return? They are actively chasing taxpayers with overdue returns \ud83e\udee0 Best advice I can give – get your tax return lodged! If you want to lodge with a Registered Tax Agent, we\u2019d love to help \ud83d\ude4b\ud83c\udffb\u200d\u2640\ufe0f Booking link is in our bio. Tax return 2024 Not a scam ATO #ato<\/a> #taxreturn<\/a> #tax<\/a> #australiantax<\/a> #taxagent<\/a> #accountant<\/a> <\/p> \u266c original sound – Accountant | Tax Agent<\/a> <\/section> <\/blockquote>