Late tax return

[Laura]

I don’t think this is a good idea but would backdating the tax return to the 31/10/2023 help?

[morag-janet-of-the-hill-family]

Maybe ring the tax department and explain what has happened? Letting them know at the same time (verbally) that you are no longer employed or have any ‘income’ [that is if you are operating in the private and therefore out of their jurisdiction] and you just wanted to tidy this matter up correctly and that once your tax payments are finalised you of course will let them know in the future if you become ’employed’ or start to ‘earn income’ again. [In other words.. don’t call me I will call you] Also record the conversation for your records.

[morag-janet-of-the-hill-family]

There is a Q and A tomorrow night, you could ask Mark your question there. register for it here…https://solutionsempowerment.org/event/general-qa-november-08/

[G]

The ATO can sometimes be understanding, especially if there is a paperwork snafu that’s not your fault. just be straight with them and explain the situation. Maybe write down the sequence and the dates so it’s clear in your head and easy to grasp for someone who is not familiar with the situation.

If you have a tax agent they can probably get you on the extended return list. April the following year before you have to lodge your returns.. of course the down side is you have to pay the agent to file your return. Not sure if it can be retroactive.. i.e. added to that list after the regular return return deadline has passed.

[Laura]

Thank you for your help 🙂

I might go to the ATO in person on Thursday, as they no longer take calls to a person, only self help automated crap.

I have another question in regards to selecting the no future tax return again when fixing this up. I do have an investment property which has been included in my past tax returns. I own half of it and the rent looks like we are making less then the costs of the investment so it’s is negatively geared.

Should I add this to the return? And would I be able to select no future tax return with this? The reason I ask is because my partner is doing his tax with his half and on a PAYG, I guess they may be more suspicious seeing there is another half not accounted for because I’ve left the “volutary compliance system” of paying tax or earning an “income”.

Could the investment still bind me to also me kind if contract there?

[morag-janet-of-the-hill-family]

Here’s the next Q and A, it’s tomorrow night and you can register here…https://solutionsempowerment.org/event/general-qa-november-15/

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[Laura]

Hi guys

I jumped on the Q&A tonight about my tax.

From what I gather I have not accounted for everything when I tried to get out of the tax contract. I knew this would be the case as I have been learning more, which is why I have been concerned about the investment, as well as the service agreements with my clients having an ABN

The obstacle I’m looking at for now, is I have filled out my 2022 return not declaring my contracting work, but had some PayG from before the mandate. I actually done an amended return for 2022 to add my signature correctly, and selected no future return. <font face=”inherit”>I did not do a return for 2023 as I </font>have<font face=”inherit”> only been contracting, but as I mentioned, I found this back paid amount sent in the 2023 tax year, well after my termination, so I was supposed to do my return again for 2023 fot that payg amount. </font>

I don’t put my ABN on my invoices and I call it a productivity of labour, I also add a picture of my Autograph, by. Autograph, name, all rights reserved, to the best of my knowledge. (Only just added the autograph in the last couple if months though)

However my original service agreement with each home care clients provider has my ABN on it, so that’s where things could get tricky and flag me. The ABN is their system. my clients are self managed hcp clients and I invoice them personally but the home care package provider pays the invoice with their hcp funds with claim, the hcp packages are government funded.

The issue with the backdated amount has brought the other issues to my attention, so I’m glad this popped up and got me looking into it again.

I would like to book in for a consult to get some info and strategies, but I can’t seem to book with SE at the moment.

Can I do more than one amended return? If I can do more then one amendment, should I do a return for both years?

Any info would be great. Ideally I’d still like to book in with SE when they are available.

Thanks

<font color=”#888888″>

Laura

</font>

[morag-janet-of-the-hill-family]

Did you get an answer on the Q and A?

[Laura]

Yes. For the issue of the late payment, I can do an amended return and get it sorted.
However while I was on the Q&A I asked about another issues before I went ahead and done the amendment: My services agreements with my home care clients, originally have my ABN on them. This could be a problem not paying tax or selecting no future return, so I asked Mark.
My invoices do not have my abn and are a productivity of labor, but Mark said if the original agreement have the ABN there could be issues due to the company I had sent my service agreements to, sending their returns though including mine as an outgoing cost. so I am concerned I will need to declare it, that is why I’m holding off on the amended return for the original issue.

[Laura]

My thoughts on what I can do here are:

option 1:
– If it is possible to amend the 2022 return a second time, I could add my contracting care services into that return, and apologize saying I didn’t not account for it as I use this amount, and I was not aware I would need to complete another return which is why I selected no future return……….
– Then Amend the 2023 Return adding the Contracting care services and the Payg, doing them as a late return. Also explaining It had only just come to my attention there way an PayG amount.
I may not be able to get them to waive the fees and charges though.
But I guess I can still fill these out as I would a payg on the individual tax return like SE explains.

The issue I see with this methos, is the ATO will see the many amendments and amounts being declared and added in both years. So even through the SE process does work, they may look into it much more thoroughly, and it could bring their attention to my ABN being used, then my invoices being sent through as a “productivity of labor” with no ABN on the invoice. It may draw out more issues in that way.

Option 2:
– Go to an agent and get them to amend the 2022 return, as well as put the 2023 return through as normal. I’m sure they will scold me haha.
Bite the bullet and be happy with knowledge I have learnt in the process, of knowing how to contract out of the system correctly which I can whenever in ready.
I am starting a care company to separate it from myself and to put other workers on.
I can begin contracting again later as an individual, without my ABN involved at all.

[morag-janet-of-the-hill-family]

Extra Q and A this Wednesday!!! ……….https://solutionsempowerment.org/event/extra-special-qa-november-22/

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[Laura]

So I’m amending the 2022 return

I’ve written ” I apologize, there has been an oversight on am amount I could not have added to my 2022 return as I was not aware at the time, it was to be added. I have added this amount in the amendment. I do also apologize, I unintended to do a final tax return, I would like to select yes to lodging a future tax return for the 2022 return.”

(Not the best explanation, if I need to add anything let me know).

I am doing an individual tax return for 2023 to add the backpaid payg amount, and add the care contractor productivity of labour, because the original service agreements have to abn on them.

I have added the payg information, but I am unsure about how to include my contracting productivity of labour.

Q – to add the productivity of labour, should I put my abn in, in my case? Then put say $100 for income?

Or can I leave the ABN out even though the service agreement had the ABN? And just add the amount $100

The webinar explains how to do PAYG returns, then shows individual return with the example of not needing to do another return.

However, in my case, I will need to do another return each year, even though I’m a sole trader, because the original agreements have the abn.

This is why I’m unsure about whether to put the ABN in the salary/wages section for my care work or leave it out. Also whether I can just put any small amount in?

[morag-janet-of-the-hill-family]

How long have you got to complete this, because there is another Q and A on December the 13th. Also have you looked at the video under the Module that explains how to use it?… https://solutionsempowerment.org/p/module-2-legally-legitimately-minimise-tax-personal-and-or-business-tax/

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