Majority of business runners are always seen scampering at the sight of crumpled receipts or intricate tax rules. Due to these, their tax time keeps lagging on their important list of prioritises. 

Statistically, only 65% of Aussies lodge their tax returns on its deadline. The remaining (%) procrastinate as a means to complete their tax filing at the last minute. That leads to more stress, missed out entries, overlooked deductions, and its inevitable penalties.

To prevent these; top tax accounting specialists operating in Liverpool advises business owners and individuals to determine their chief causes for such tax filing delays. 

Here are 4 Common Causes Which Result in Tax-Return Delays

1. Unable To File Taxes Due To Loss of Income Records

This is one common reason why most individuals tend to delay their tax filings. They lose their important income receipts (most times due to their carelessness). And when the time comes, are unable to clear off their tax returns on time. Fortunately, this is one issue which can be easily taken care of. 

All you need to do is speak to your trusted tax agents and inform them about your situation. These experts will check into the ATO database and help you retrieve your lost tax records. Once you retrieve your crucial receipts, bank statements, work-purchases, etc., make a copy both digital and in-prints to ensure no such tax delays happen.

2. Unable To File Taxes Due To No Income In That Specific Year

 Those individuals who unfortunately didn’t earn anything for that specific year find themselves in an awkward position of having to delay their tax filing. But doing so only makes matters worst for them in the long run. 

The right thing to do would be to file a non-lodgement form and clearly inform the ATO about their financial condition. This will at least deliver a confession to the ATO about your current financial status and the reason for not filing your tax.

3. Being Completely Unaware Of Tax Deductions That Can Be Claimed

Often is it seen that some people are completely unaware of the tax deductions which can be claimed. This often results in tax filing delays. To tackle such situations and have a clear picture of all possible tax deductions; you should enlist help from respected tax advisor(s) operating in and around Liverpool. They will give you sound advice and even ensure your tax lodging process goes smoothly.

4. Unable to File Taxes as You’re Worried About Your Debt to the ATO

Another chief reason why people tend to delay their tax filing is because; they are worried about their debt to the ATO. If you find yourself in a position where you owe money to the ATO, get help from a notable tax agent and request him to set up a recompense schedule with the ATO.

Final Lines –

Although delays in tax filing are never recommended, often individuals and business owners fall prey to it due to their respective reasons! However, it is always beneficial to discuss your reasons for delay with a trustworthy and experienced tax consultant. 

These professionals are well-versed with all tax filing rules and regulations and using their field experience and understanding of your situation they will always present you with a rational solution.

So, work closely with your trusted tax advisor near you and try to avoid these tax return delays as much as possible!

Author's Bio: 

the Author is the owner of this business.