Announcements
Have you sold crypto, shares or property? Our new capital gains tax guide has info about cost bases, calculations & more! Still got questions? Ask the Community!

ATO Community

Tax Lodgement for 2001

Initiate

Views 950

Replies 7

The 2000/2001 tax lodgement appear in my tax return after almost 20 years.

 

I couldnt recall the tax lodgement as it was done by tax accountant. I dont know what happened then.

 

I should have some interest and rental income. however, I may not have the information available for lodging the tax.

 

I am currently not residing in Australia and will need youe help to understand this in detail.

 

If this is really missing, i am supposed to lorge this via paper lodgement (2001 is only by paper), will i be penalized for the non-lodgement?

 

What can i do now?

 

Please advise. Thanks

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Initiate

Replies 5

thank you.

 

May i have the internatonal direct number that i can call?

7 REPLIES 7

Former Community Support

Replies 6

Hi @cgquay,

 

You will need to lodge if you had tax deducted from the income that you received or if you didn't quote your TFN to the places where you generated interest. It will also depend on the amount of rental income and interest you had.

 

Do you think if you contacted your old tax agent they would have the income information for 2001?

 

There's a chance you will be penalised, but to know that for sure we would need to know a bit more information.

 

If you need an in-depth response, you might be better off contacting us, we do have international contact information just for these kinds of situations.

 

Hope this helps!

Most helpful response

Initiate

Replies 5

thank you.

 

May i have the internatonal direct number that i can call?

ATO Community Support

Replies 4

Hi @cgquay,

 

Thank you for your reply. You may contact us from overseas and speak with Individual tax area. We may be able to provide you with data from 2001 if 3rd party sources/employers reported your information to us. 

 

Hope this helps.

 

Regards,

Jodie2.  

Initiate

Replies 3

Thank you. I foudn the number and i will call them.

 

Just one more question, I dig more into this and found more information on this 2001 tax.

 

The taxable income is negative taking into acocunt the income and deduction.

 

Do we still need to lodge the tax return (for 2001) if there is no taxable income.

 

There is guide available for other years for criteria for lodging but not for 2001.

 

Thanks for your help.

Community Manager

Replies 2

Hi @cgquay,

 

If there is no income or tax withheld you may be able to do a non lodgment advice.

 

Thanks, Nate

Initiate

Replies 1

Nate

 

Just want to be specific on the definition of "no income".

 

Is this referring to Taxable Income or just Income (without taking into consideration of expenses/deduction)?

 

The final amount in the Tax Pack "Taxable Income or Loss" (Page 3) is a LOSS - non lodgement if I am not claiming the loss?

 

Based on what i read from the Tax Pack 2001, Reason 3

You need to lodge if your taxable income exceeded the following amounts:

$1- if you were a non-resident and you had income taxable in Australia—excluding income that has non-resident withholding tax withheld from it.

 

If the Taxable Income is negative (loss), it is less than $1 - it will mean I do not need to lodge a tax return. Is it correct?

 

Thanks for your help.

ATO Community Support

Replies 0

Hi @cgquay,

 

Thank you for your reply. Have you used the Do I need to lodge calculator? Rental income and deductions are reportable each year  even if they result in a negative amount. If you had other income and tax withheld this to is reportable. After completing your return if you have an overall loss amount just means it has reduced your income to zero and you have a loss amount to reflect in a future year. 

 

If you need to complete an amendment for 2002FY to include the loss at L1, lodge an objection to the timeframe when lodging the amendment. Individual returns have 2yrs from NOA issue date to lodge amendments. You can continue carrying forward losses until you have used them. 

 

Hope this helps.

 

Regards,

Jodie2.