Hi everyone, I have got to lodge alot of late/overdue tax returns for myself, partner and partnership. I have never received any communication to ask for them.
(1) Once lodged I understand that there can be penalties per return up to a max of $1160??or similar price.
(2) If that is charged will it come through at the same time as the tax bill?
(3) How is the interest on the overdue tax returns worked out please..ie from the date of the bill being received by me or backdated to the relevant tax year of the overdue return? and how much do they charge?
(4)Will that amount, if charged also be included on the tax bill that comes through?
I am absolutely fretting about all of this - the returns are all nearly finished and will be lodged through my accountant, but I just worry about the amount I will be hit with?
(5) I believe that the overdue charges and interest are discretionary, so hope they wont hit me too hard?
(6) If the bill is big - would it be at all negotiable? ie a one off payment of a % to clear the whole thing??
Thanks for all your help, (and I have submitted my last few returns on time)
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