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So let’s assume your actions weren’t deliberate. We need to review your situation and work with the ATO to resolve it, with the best possible outcome.
Fines for taxation offences are generally tied to the amount of tax that was avoided or not paid. The degree of culpability or recklessness will determine how big the penalty is compared to the amount of tax avoided. The Base Penalty is the amount of tax that you avoided by your mistake or recklessness, and the percentage of the base penalty amount applied will depend on the circumstances around the error.
Failure to take reasonable care to comply with a taxation law.
Recklessness by you or your agent as to the operation of a taxation law
Intentional disregard of a taxation law by you or your agent
Come clean. It is always better to come clean at the earliest possible time and communicate your mistake via a tax agent. If it’s a minor mistake and not reckless, then there’s a good chance you’ll be warned and watched. If you were reckless or negligent, there will likely be a fine to pay.
It’s completely up to you, but it’s always better to have a professional handle these matters to ensure the best possible outcome. We’ll make sure your circumstances are correctly communicated and any mitigating factors properly advised.
The ATO have to give you reasonable amount of time to respond to their queries, so that you can gather necessary records and obtain representation. We can usually get you an extension so that we have sufficient time to review your case and properly advise you.
Make it our problem, not yours. Get in contact with us today and we will review your case and get it resolved.