Have you found yourself with a few years of tax lodgements outstanding?
You’re not alone.
I’m going to teach you how we can get you back on track with your outstanding tax lodgements.
By submitting your taxes and being up to date, you will feel more freedom knowing that you have no additional tax liability over your head.
You’ll also have a better lending ability, knowing that you can provide up-to-date financial information to any lender.
Finally, you will feel less stress and more clarity about your current financial position.
For example, I had a lady come to me with 12 years of outstanding tax returns, and she was scared to go and see anyone for fear of judgment.
We sorted her out, got everything lodged, and she is still our client today.
We simplified the process and showed her that it wasn’t as scary as she first thought and that it was achievable with some help. So the first step is to simplify what is needed. Then, organise yourself and go to your accountant, knowing exactly what you’re requesting.
You’re not alone in this.
To prepare to lodge your tax returns, you should get together any income summaries, expenses, and any large pieces of equipment you may have purchased throughout the year or through any of the years you have outstanding.
Having information ready for the accountant will make everything more straightforward for you in the long run.
Next, speak to your accountant and confirm any information they can already retrieve from the ATO.
For example, your employer needs to lodge some information regarding your payments to the ATO as part of their compliance, meaning you don’t need to locate this information.
Also, confirm with your accountant the best format to receive this information in. This can significantly affect the time they take to complete the work and the stress that’s added to their workload.
Finally, check in with your accountant to see how the submissions are going, but be aware that it may take a little time if there are multiple lodgements.
However, you should be fine if you’ve got a good accountant.
So remember, finalising your outstanding lodgements may seem daunting, but you will feel a sense of freedom when it’s done.
You’ll have up-to-date financials that you can provide to lenders or anyone else who requires it. And you’ll have a much clearer outlook on your tax position.
If this sounds like something you would like assistance with or want further information, click here to book a call https://impalatax.com.au/discovery/
We’d be happy to help you.
