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Tax.Appeal.168
Tax.Appeal.168, Tax Accountant
Category: General
Satisfied Customers: 3443
Experience:  lkj
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I haven't paid taxes years. I started a small business

Customer Question

I haven't paid taxes for five years. I started a small business five years ago and got into financial troubles. I lost records. For the first two years and then panicked. I want to sort it out but I need help. I am so stressed now. What do I do.
Submitted: 1 year ago.
Category: Australian Tax
Expert:  Tax.Appeal.168 replied 1 year ago.
Welcome, THANK YOU for contacting us today. My goal is to help to make your life...a little...LESS taxing.
Q: What do I do?
A: Refer to the following;
The first thing to do is to contact the ATO and let them know that you would like to lodge the past due returns, but you no longer have your documents. Based on the following, the ATO will then assess your situation and determine your deductions. If you do not want to contact the ATO, you can hire a Registered Tax Agent to communicate with the ATO on your behalf. See below regarding lost records.
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Lost or destroyed records
There may be time when your records are accidentally lost or destroyed – for example, if your home is burgled or burnt.
In these instances, we can allow you to claim a deduction for certain expenses if either of the following apply:
you have a complete copy of a lost or destroyed document
we are satisfied that you took reasonable precautions to prevent the loss or destruction and, if the document was written evidence, it is not reasonably possible to obtain a substitute document.
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For more detailed information, refer to TR 97/24 at the following link;
http://law.ato.gov.au/atolaw/view.htm?docid=TXR/TR9724/NAT/ATO/00001
Following is a list of authorized contacts:
Criteria for being an authorised contact
The authorised contact must be:
recorded as an authorised contact for the entity
able to satisfy POI requirements.
Examples of authorised contacts are (this list is not exhaustive):
registered tax agents
registered BAS agents
legal practitioners (includes barristers and solicitors)
insolvency practitioners (includes liquidators, company administrators or trustees in bankruptcy)
Power of Attorneys (PAT)
guardians
family members or friends.
Let me know if you require further assistance regarding this matter.