I've received a notice from the tax authority regarding an overdue income tax payment. The total overdue amount is $3,044.75. This was regarding a year in which I earned under the tax free threshold (around $3000), so this has come as a surprise.
This notice relates to my 2021-2022 tax return, which was my first (year earning any income). My 2019-2020 and 2022-2023 returns were submitted without any issues, so this tax debt comes very unexpected.
If I can't pay in full by July 25, 2023, the notice suggests the possibility of setting up a payment plan using online services.
The only other income I earnt that year was through CoinSpot Cryptocurrency where I earnt a profit of $81 in that whole year (and included on my tax return for that year!). Is there anything I can do, I called the ATO and they said to resubmit the tax return which I have done but with the debt being due so soon I want to make sure I am doing everything I can to avoid having to pay unnecessary debt.
Also FYI I will have to declare bankruptcy and will not have the funds to pay it on the 25th, which would be a great as a first experience with ATO.
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