If last year's tax return slipped through the cracks, you are not alone — and it is very fixable. The worst thing you can do is keep putting it off, because penalties and stress only grow with time. Here is how to get back on top of it.

Don't ignore it, act early

An overdue return does not go away, and the ATO would much rather you lodge late than not at all. Acting now limits any penalties and interest, and the outcome is often better than people fear.

Gather what you can

Pull together your income statements, bank interest, and any work-related receipts for the year in question. Much of your income data is already held by the ATO, so even partial records are enough to get started.

A registered agent can help you catch up

A registered tax agent can see what the ATO has on file, work out what is outstanding, and lodge prior-year returns correctly. If several years are outstanding, we work through them in order and get you up to date.

Getting back on track

Once you are current, staying on top of it each year is simple and far less stressful. We can set you up so next year is a quick, painless lodgement.

Behind on a return or two? Nebula Accounting can help you catch up calmly and correctly. Book a chat at nebulaaccounting.au or call 0433 822 227.

General information only and not personal tax advice. Tax laws change — please consult a registered tax agent or the ATO before acting.

General Advice Disclaimer: The information in this article is general in nature and does not constitute financial product advice, tax advice specific to your circumstances, or a recommendation to take any particular action. It has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information in this article, you should consider its appropriateness to your circumstances and seek independent professional advice.