What Are The Purpose Of Tax Return?

prior year tax return

Tax return is a form which a person has to submit to federal or state agency to pay taxes, calculate and report income. It is necessary to file prior year tax return due to some purposes. First purpose to file prior year tax return is to keep a proof that you are a regular tax payer. If you receive a notice from FBR to file prior tax return that you are considered as a tax payer then you have to apply for it. If you want to be in ATL (Active Taxpayer List), you need prior year tax return. To get a transcript for return people can order online, by phone or by mail. You can get three years prior tax return. A tax return covers a year from 1st of July to 30th of June.

If your taxable income is more than a certain amount then you have to lodge tax return. If you failed to pay tax then you may have to pay penalty which is at the rate of 28 days per units of penalty. You can lodge your paid tax, it means that you can get your paid tax back after a year. Now, you can lodge tax return online also. Only thing you have to do is to register yourself to a registered tax agent or complete some paper work. In this, you have to mention the money you earn (income) or any property you own. If you have paid more tax than taxable income then you will get back the additional amount. But if you have not paid the right tax then you will pay some penalty or a tax bill. You can also file overdue tax return. It means if you missed to lodge tax return online then you can still pay it as soon as possible.  You have to file tax return every year otherwise you might be punished (jailed or fined).

You can also file your overdue tax return online. You also have to file business tax return if you own any business either small or large (retailer, trader, shopkeeper, stick holder). Government declares the amount of tax apply on business men depending on their total income (profit or gain from business). If your total income is more than taxable income (declared by government), or own any immoveable property from which you are (or not) getting rent paid then you have to pay certain amount of your income as tax penalty. In case of personal tax return type of income, filing status and age also considered that whether you are old enough or have eligible income to pay tax or not. You can also attempt for personal lodge tax return online in order to take back your paid tax. You can only get lodged your personal tax return only if you are a regular tax payer or if you are running a business regardless of profit or loss. Please visit ezytaxonline.com.au for more information.

How Professional Debt Collectors Can Help Your Business Grow

Running a business is not an easy task, there are a variety of different aspects that a business owner has to keep in mind if they want to make sure they are able to compete in the sea of competition. When you already have your hands full with devising and executing a strategy for your business to stand out, the last thing you would want is getting caught up with collecting debts. Debt collection is an important part of every business, and it should be taken seriously. Unfortunately, there are many clients you might end up dealing with who will not have the required sense of responsibility and would delay your payment, this is why it is crucial that you get the assistance of a professional debt collection agency.

There are many business owners who think that hiring a debt collection agency is just an added expense. However, this is certainly not the case. In fact, you would be surprised how much they can help you out in collecting back your funds. That is why in this article, we will be talking about how professional debt collectors in Australia can help you smooth-sail your business operations. So, without further ado let’s see below.

Save your Time

When you are dealing with a client who continues to stall the payments, then it can be a bit frustrating. Not only late payments can disrupt your overall cash flow but also it can potentially get in the way of your future plans. When you are already so occupied in taking care of your business, the last thing you would want is for you or one of your employees is to waste time on calling or emailing the clients to pay the debts. So, if you want to save yourself from the hassle then professional debt collectors can take away the burden from your shoulders by ensuring that your funds are retrieved without a problem.

Future Dealings

One of the biggest concerns most business owners have when they are getting the assistance of a debt collection agency is that this might end up closing any room for future dealing with that client. However, that is not the case. If you hire a professional debt collection agency, then they are going to make sure that they proceed matters in a sophisticated and polite manner so a path for future dealings always stays open with your clients.

Smooth Cash Flow

Late payments are a recipe for disaster especially for small businesses which operate on limited funds. The last thing you would want under such circumstances is dealing with a client who does not pay you on time. This is why get the assistance of professional debt collectors so your business can have a smooth cash flow.

These were a few of the many advantages of hiring professional debt collectors. So, get in touch with EC Credit Control collection agency today to make your life easier.