What should I do, if I never did my taxes for 2003 when I worked at a company as a contract worker, meaning they never deducted any taxes. What should I do help!!!!????!!!
2007-02-07 06:51:42 · 4 answers · asked by Ana F 1 in Business & Finance ➔ Taxes ➔ Australia
If you normally do your own returns then call the ATO and get a 2003 return sent to you otherwise see an accountant and they will do the return for you (at a cost).
If you worked as a contractor and were you registered for GST did you lodge your BAS as that could create even more hassles if you didnt.
The key point here though is that the business that contracted you are not required to withhold tax as they used to under prescribed payments- so you get all the money due to you and it is up to you to put some aside for tax etc. However there is a thing called a "voluntary agreement" that you may want to consider if at any time you are again working as a contractor. A Voluntary agreement is an agreement between the contractor and the payer for the payer to withhold an amount of money (specified by the contractor) and forward it to the ATO as tax withheld. There is a special form for this and if you give the ATO a call they should be able to send you a "pack" containing all the relevant info and instructions.
In your 2003 return your contracting receipts (less any GST) would be income and from that you would be able to deduct expenses of earning that income (which are generally greater than those available to an employee). You will incur late lodgement penalties and interest on any amount outstanding. If the amount is going to be difficult to pay- call the office and talk to them about an agreement to pay the amount off, these are usually for a 3 months period but are sometimes extended for large amounts.
2007-02-08 04:14:32 · answer #1 · answered by magpiez 5 · 1⤊ 0⤋
I would see a good tax accountant to start with to find out what the best course of action is. You will most likely have to pay tax on the income (and maybe penalties for late payment). However a tax accountant may be able to "negotiate" a settlement with the Tax Office.
2007-02-07 10:05:10 · answer #2 · answered by Matt 2 · 0⤊ 0⤋
It would be best to see an accountant. They can try to reduce your taxable income with deductions, but you will still have to pay tax. You can organize a repayment plan with the ATO, and any future refunds will be offset against any debt you owe.
2007-02-07 12:13:45 · answer #3 · answered by Kelsey 3 · 0⤊ 0⤋
Did they give you a 1099-misc? Or simply cash? You will certainly owe back taxes as well as any penalties and interest for this return if it is all self employment.
2007-02-07 14:55:35 · answer #4 · answered by castzpg 2 · 0⤊ 0⤋