Tax Return Rejected

[p38arover]

Last year I found I'd forgotten to include some additional income (from superannuation) in my 2006 return. It meant another $2k of tax was probably payable.

Today I got a letter back from the ATO rejecting my amended return as it was outside the 2 year limit. :(

I can, however, object to their ruling. Lemme think about that for a while. :D

[big guy]

I bet my last fuse in my Disco that they wouldn't reject it if you owed them.;)

[101RRS]

The debt of course will still be owed - you do not get off that easily.

I would do nothing and wait an see if they come and chase you (and they may not). If they do, you can use your submitted tax return as evidence that you were not trying to avoid paying tax and escape any additional fines etc. So all you would pay is the original amount of tax.

You loose nothing in the worst case and gain a lot in the best - now how much will you pay for me to keep quiet :D?

[Michael2]

Many years ago I failed to lodge a Tax Return or two. When I lodged one the following year they paid the money they had owed me from previous years with interest!

[BigJon]

I bet my last fuse in my Disco that they wouldn't reject it if you owed them.;)

But that is exactly what he is saying. He owes them about $2000.

[Jhonno]

Lucky, many years ago they held a sizable sum of mine for a lot of years:(, super fund dispute:eek:, finally after a court ruling in my favour:):) repaid it without interest.:mad::mad::mad:

[solmanic]

I'm no tax accountant, but I thought income from superannuation (ie. allocated pension) was not taxable income. This might explain why they don't care about it.

[p38arover]

It wasn't an allocated pension.

[VladTepes]

I bet my last fuse in my Disco that they wouldn't reject it if you owed them.;)

Better start signing it over then mate !

[isuzurover]

Better start signing it over then mate !

Big(ego)guy should stop making bets. Not only has he just lost his disco, he also has to print out and eat what is now a ~30 page thread as soon as carcrafter gets his 4BD1T on a dyno:


YouTube- first time starting the twin turbo isuzu diesel

[BigJon]

Big(ego)guy should stop making bets. Not only has he just lost his disco, he also has to print out and eat what is now a ~30 page thread as soon as carcrafter gets his 4BD1T on a dyno:


YouTube- first time starting the twin turbo isuzu diesel (http://www.youtube.com/watch?v=HkHgevhfOQ8&feature=related)


:Rolling::Rolling::Rolling::clap2:Gold.

[rovercare]

I haven't done my last 6 years tax returns, should get onto that:angel:

[mns488]

Last year I found I'd forgotten to include some additional income (from superannuation) in my 2006 return. It meant another $2k of tax was probably payable.

Today I got a letter back from the ATO rejecting my amended return as it was outside the 2 year limit. :(

I can, however, object to their ruling. Lemme think about that for a while. :D
when did you orignally lodge it? I believe the ATO still work to the 5 year statue of limitations last time i checked. Might have a few more years of running the gauntlet.

After 5 years, burn it all....:D

[p38arover]

Lodged in 2007. I had split my superannuation into two - half in my name and half in my wife's. That caused a need to pay tax on some of it and I hadn't realised it.

[mns488]

If it were me, I'd find out my ATO payment codes and pay the money to the ATO. The money will then sit there in your income tax account with the ATO. If they query the error in the 5 year window (from the date of origianl lodgement), they have had the money so cannot charge shortfall interest. Once the 5 year window is up I'd request a refund.....:D

That way they can't charge you any shortfall interest if they find the error and if they charge a penalty you can easily object it with a great chance of success given you 'tried' to do the right thing.

Obviously there will be a tax return in between the final few gaunlet years and they will automatically try and refund or include it in the balance of tax assessed. However you want on your ATO Income Tax account that balance for the 5 year window so make sure you keep it in mind when doing the tax for the next few years....

Hope that makes sense.

Alternatively, run the gaunlet and even if they query the error you can pay the tax and object to both the penalty and shortfall interest and chance your luck....

[Jhonno]

I'm no tax accountant, but I thought income from superannuation (ie. allocated pension) was not taxable income. This might explain why they don't care about it.

Should have explained more clealy, it was a super fund we had set up for our employees okayed by the ATO, On sale of business ATO decided it was not kosher, hence the court action, thank the stars the court agreed with us. Could have done with the interest though

[THE BOOGER]

There is no statute of limitations for tax you have to keep individual records for 5 years from date of tax notice so keep the letter you got from them for ever. If they question your tax after five years, they can ask you to estimate you tax if you have no records but if you differ from their guides by to much they can make a ruling them selves then you have to fight them but the best evidence is what they have given you. So dont lose it seems they have already made a ruling all you have to do is spend the extra on one of the landys:D