Commissioner to issue assessments for non lodgers

On 26 May 2009, the Australian Taxation Office (ATO) sent letters to 5000 taxpayers requesting lodgment of overdue income tax returns by 7 July 2009.

The letter titled ‘Lodge your overdue income tax returns by 7 July 2009′ advises that if overdue returns are not lodged by 7 July 2009, the ATO will issue an assessment under section 167 of the Income Tax Assessment Act 1936 based on income information obtained from Tax Office systems. The letter includes a summary of your estimated taxable income on which assessment will be based.

Failure to lodge on time (FTL) and 75% shortfall penalties may be applied in these cases. The shortfall penalty is calculated on the tax related liability after taking into account any pay as you go (PAYG) or other tax credits available.

What you need to do;

If you receive any of these letters, I request that you take immediate steps (Phone 9248 8124) to bring your lodgments up to date by 7 July 2009.

About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

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About The Author

Warren Kruger is an Australian Tax Specialist and Advisor. For a FREE Report “7 Essential Strategies to Reduce Your Taxation NOW!”,enter your name and email address in the Opt In Box located on the top right hand side of this article.

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