In the past 5 years I havent seen too many taxpayers receive a default assessment letter. In the past two days I have seen three.
Taxpayers with a outstanding 2013 or earlier return be warned - Joe Hockey is looking for cash. In lodgement isnt completed prior to the issue of the default assessment a 75% penalty applies + $850 per return + + The threat of prosecution.
For those that want to know what a default assessment is its when the Commissioner uses information known to him to determine a assessment. Its a problem as amending to claim correct deductions (ie a rental loss) requires a very costly approach. And it imposes a 75% tax penalty and means a prosecution for failure to lodge can be proven in a criminal court.
Taxpayers with a outstanding 2013 or earlier return be warned - Joe Hockey is looking for cash. In lodgement isnt completed prior to the issue of the default assessment a 75% penalty applies + $850 per return + + The threat of prosecution.
For those that want to know what a default assessment is its when the Commissioner uses information known to him to determine a assessment. Its a problem as amending to claim correct deductions (ie a rental loss) requires a very costly approach. And it imposes a 75% tax penalty and means a prosecution for failure to lodge can be proven in a criminal court.
