Filing a tax return is a troublesome task especially for someone who does not belong to the field of the accounts and taxes as there are number of terminologies which tend to be confusing but nevertheless, every citizen needs to file the tax return every year and fortunately there are online tools and easy websites forms available which you can fill out by yourself.
if you are not able to understand this then there are tax accountants available in the market who files the tax return for you and you have to give them the required documents and a predefined fee and you are good to go but it is important that if you are hiring a tax accountant then you hire it at least some time before the deadline so that your tax return is submitted on time but what happens if you miss the deadline for the tax return and file a late tax return. There are various cases that could happen depending on the status of the filer and some of these are discussed below.
Facts about late tax return:
No penalty if refund is pending:
If you have some refunds held then the refunding will be given to you as long as you submit the return within the three years of the original deadline and there will be no charges for late submission.
If you do not file, the return on the given deadline then you will be charged five percent of the taxes you owe as the penalty for the late tax return in canberra for each month past the deadline and this fee will go up to 25 percent.
A tax extension means that you are given more time to submit your tax return. Many people confuse it with the submission of the taxes but this is not the case, you will submit the taxes on time but only have been given the time to collect the required documents for you to file the tax return. This should be only filed when absolutely necessary and due to some unforeseen circumstances you could not collect the documents and tax extensions must also be requested before the tax day and this could be requested by the respective tax portal of the country of which you are tax payee. This tax extension usually provides you with an additional period of six months in which you can gather all the documents and could file the tax return.
How can tax accountant help you in your tax processes?
The matter of late tax returns, tax refunds, tax debts have number of solutions and each one of these is suitable according to the status of the person paying the tax. Therefore, it is better to contact a tax accountant to handle such issues as he will be able to guide you best and will effectively solve your tax issues.