Most taxpayers in Australia dread the day they need to lodge their personal tax returns, common reason is that most Australians find it difficult to comprehend the tax law that Australia has for something that we do as Australians on an everyday basis, that is go to and from work to earn income to pay for a roof over our head, crazy to know that up to 52% of our income will be taxed by the Australian Government and the Australian Tax Office.

The maximum fine for an overdue tax return is $850 and convoluted as it is, the Australian tax law system can impose major fines if you get your tax return submission incorrect the first time. Although you can amend your personal and company tax returns within a two year period if you feel that you have done something wrong this often creates extra work and expense for you and your accountant and could alarm a tax audit.

Let’s look at three methods for avoiding these issues and fines: 

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