Keeping your tax affairs in order is usually the last thing on your mind when you’re building a client’s house or fixing a drain pipe. But if you’re a small business owner or an independent contractor, your bookkeeping, tax, superannuation, and BAS returns are just as much a part of your job as securing the scaffolding.
Today’s blog is here to help anyone who’s ever missed a year’s lodgement or has an overdue tax return. And if you get the feeling we are targeting people in trades you’re absolutely right. Sorry tradies, but you guys do have a bit of reputation.
We’re not here to judge or make your life any harder. We’re here to provide some uncomplicated advice for reducing your stress and getting your tax affairs completely up to date. After all, we know you want to spend your downtime having fun and relaxing with the family — not worrying about a tax return from two years ago.
Getting clear about overdue lodgements
Before we get started, let’s clarify a few things. When we are talking about:
- Overdue tax returns — we mean your latest tax return, and it’s overdue.
- Missed lodgements — we mean a tax return from (say) 3