Businesses in Australia have very different rules when it comes to filing their tax returns because, while most people have up to a certain date before they have to panic, businesses are not as lucky! Unfortunately, businesses often leave their returns until the very last minute and that is never good news, especially if they surpass the deadline of 15th of September. However, what is so special about this date and what happens to a business if they file after the date?
There are Penalties for Not Filing on Time
First and foremost, it does not matter whether you believe your business is going to receive a sizable tax refund, if you don’t submit on time you will pay! It’s as simple as that because there are no exceptions, especially for big corporations; and there are reasons why final submission and extension days are set out. Your business has technically had a lot of time to process these and if you fail to deal with them effectively then you are more than likely to be fined. It doesn’t matter if it’s your accountant who has failed to file, the buck falls at your feet as the owner. The cost can also vary; but partnerships can be fined per partner which means the costs can soon reach in the thousand dollar mark.click here.
Does it Matter if You Don’t Owe Any Money to the Australian Government?
Businesses are often mistaken that since they do not owe any taxes or have outstanding debts to the Australian government, it means they are free to submit after the final extension. In an ideal world that would be true, but this isn’t an ideal world! It really doesn’t matter how much money you owe, if any, if you fail to submit before the deadline and surpass the September 15th deadline then you are going to pay a fine. A business’ tax returns must be submitted quickly, before the end of April at best and all necessary business tax paid also otherwise the costs are going to be great.
Avoid Hefty Penalty Charges
There is a whole new set of rules when it comes to businesses in Australia and if you somehow manage to miss the deadline then you will see charges heading your way. The 15th of September is that final extension deadline and it is so important to avoid filing after that date. Penalty charges can rack up considerably and if you had a very small tax debt to be paid then it could’ve been handled. You won’t get a tax refund any quicker and in all honesty, you’ll cause more trouble for yourself.
Take Your Business Seriously
Why is it businesses fail to take tax time seriously? You have worked hard all year long in order to keep your business running and to ensure customers love what you have to offer and yet, you fail to handle your tax returns carefully? If you don’t take care of these financial matters in a timely manner then you’ll soon sink into debt. The Australian government may set up a payment schedule for what you owe but having debt owed, especially to the government, is a true nightmare. Deal with tax returns before the deadline to avoid penalties read more information for used this url: http://www.columbia-homes-relo.com/the-way-to-submit-an-amended-tax-return-on-back-internal-revenue-service-taxes/