Mega Thread The Questions Thread - Part III

[Teagueeee15]

What do you do if you didn't do a tax return 20 years ago when you were 18, and it keeps popping up as overdue, but you can't access your group certificate from 2004?

It’s likely that your employer at the time has disposed of the records.

There were obviously different tax rules back in 2004 (like tax free threshold being $6K) and the ATO automating their processes and putting it online has thrown this situation up for a lot of people.

I had to go back and do an old tax return for 2007. I still have my bank account from then, so was able to estimate what I would have earned and had a stat dec stating that I was unable to locate exact details due to the time that had passed. Because our tax system is based on self assessment, as long as your estimate is reasonable, you won’t have any issues and getting on the front foot means they should wipe any fines/interest like they did for me.

 

[Over The Post]

I got into major strife due to bad advice from an accountant and found the ATO brilliant to deal with - I was up front, explained the problem, said I needed to sort out the historical situation, and asked them what I needed to do for them to sort it out. Treating them as human and asking their help worked a treat.

Its not as if you'd earned megabucks as an 18 year old.

Obviously your mileage may vary and paying a tax accountant to deal with them on your behalf seems to be the best strategy just in case you get some ATO campaigner who wants to play god.

 

[Beerfish]

Go to an agent

Or a hairdresser. They charge about $350 an hour these days I'm told. Surely they can do something?

 

[rocker_oz33]

Or a hairdresser. They charge about $350 an hour these days I'm told. Surely they can do something?

Both .

 

[revo333]

What do you do if you didn't do a tax return 20 years ago when you were 18, and it keeps popping up as overdue, but you can't access your group certificate from 2004?

I have an overdue one from 15 years ago still on myGov but I remember a lady ringing me up and asking why I didn't do a tax return and I told her and she was happy with my answer so I've just left it there.

 

[Gough]

What do you do if you didn't do a tax return 20 years ago when you were 18, and it keeps popping up as overdue, but you can't access your group certificate from 2004?

Just got off the phone with an ex who's a lawyer at the ATO. Go here and he reckoned to ask for documents between 03 and 07 to be safe.

Copies of tax documents request | Australian Taxation Office

Most requests for copies of tax documents can be made using our online services if you have the required authority.

www.ato.gov.au

He said on the upside if the if they have no records for you for that year it means you have no tax to pay, he also said it covers your arse if they do come after you because you can point to this and say that you've been trying to resolve the issue.

 

[MrsEddieBetts]

Thanks everyone, you're all super helpful

especially you Gough - contacting an ex is going above and beyond for lil ole me xo

 

[Gough]

Thanks everyone, you're all super helpful

especially you Gough - contacting an ex is going above and beyond for lil ole me xo

He mentioned he might pop round on the weekend so I could be on promise thanks to you.

 

[MrsEddieBetts]

He mentioned he might pop round on the weekend so I could be on promise thanks to you.

Get it G

 

[Big Sauce 21]

Must be the ATO flavour atm. Got a notification telling me they're amending my return from 2021. I owe them $409

 

[Big Sauce 21]

I had a referral to a specialist go to an old address. I've contacted my GP clinic to redirect and they gave me some hotline number that led no where. Has anyone dealt with this scenario before and being able to get a new one ? I don't even know which hospital/specialist I was referred to.

 

[The Dice Man]

I haven’t done a tax return since 2011. No idea what that could mean in the future.

 

[rocker_oz33]

I haven’t done a tax return since 2011. No idea what that could mean in the future.

Could be dicey .

 

[The Dice Man]

Could be dicey .

Oh well. Haven’t worked in Australia in that time so shouldn’t be too much trouble.

 

[rocker_oz33]

Oh well. Haven’t worked in Australia in that time so shouldn’t be too much trouble.

Where you been working ?

An accountant would be able to help you.

 

[The Dice Man]

Where you been working ?

An accountant would be able to help you.

Europe.

 

[rocker_oz33]

Europe.

Lucky you.

Must be interesting living and working over there .

 

[rocker_oz33]

I noticed on FB messenger.

The little heads/icon don't pop up .

Does this happen to everyone else.?
Has there been an update or something?

 

[Billy ray]

For those following at home (or work), my tenants in my house here on the GC hinterland have asked to buy it, and it looks like it will happen between now and June. They have rented it for past 18-24 months. And during this time, my family have been renting ourselves next to the beach.

We are now faced with the what do we do next (to cover the next say ~10 year period - over which time children should start to leave the nest). We need 5 bedrooms plus a space for my office.

From looking around at some houses the last few weekend, i think there are two clear options:

1) pretty much go 'like for like' in terms of a new mortgage by getting a high spec, large 5 bedroom house with a pool, which is in a nice nearby suburb. i wont have to do anything, turn key option.

2) half or even cut my mortgage size to 1/3 current size by getting a standard spec, 5 bedroom house which may or may not have a pool but has room to add one, and may need over time some kitchen or bathroom upgrades but nothing more than say new cupboards or benchtops, no major renovation by any means. This would be available by moving slightly further away from the areas we have lived for past 15 years

if you had the opportunity to reduce by half, or by even more, your mortgage, as someone about to enter my 50s (and i have plans to work for another 10-15 years), would you do it?

in either case, the plan (say in 10 or so years) would be to sell whatever option we get, and buy a smaller 2 bedroom unit on the beach for our remaining (mostly retirement) years.

thoughts?

 

[PoppedCorn]

depends on the size of the mortgage and when youll pay it off by what age

200k mortgage left on a nice place ,go for it
500k plus left?, can you easily pay if off before you retire?

 

[Billy ray]

I should have enough super to pay it off if its 300-500k and have enough left for retirement.
But even so, id be selling it prior to retirement and downsizing both area and cost of a new and final place which wont have a mortgage.

 

[Cruyff14]

For those following at home (or work), my tenants in my house here on the GC hinterland have asked to buy it, and it looks like it will happen between now and June. They have rented it for past 18-24 months. And during this time, my family have been renting ourselves next to the beach.

We are now faced with the what do we do next (to cover the next say ~10 year period - over which time children should start to leave the nest). We need 5 bedrooms plus a space for my office.

From looking around at some houses the last few weekend, i think there are two clear options:

1) pretty much go 'like for like' in terms of a new mortgage by getting a high spec, large 5 bedroom house with a pool, which is in a nice nearby suburb. i wont have to do anything, turn key option.

2) half or even cut my mortgage size to 1/3 current size by getting a standard spec, 5 bedroom house which may or may not have a pool but has room to add one, and may need over time some kitchen or bathroom upgrades but nothing more than say new cupboards or benchtops, no major renovation by any means. This would be available by moving slightly further away from the areas we have lived for past 15 years

if you had the opportunity to reduce by half, or by even more, your mortgage, as someone about to enter my 50s (and i have plans to work for another 10-15 years), would you do it?

in either case, the plan (say in 10 or so years) would be to sell whatever option we get, and buy a smaller 2 bedroom unit on the beach for our remaining (mostly retirement) years.

thoughts?

lol how is this even a question?

Absolutely. Why do you need a pool when you live near the beach?

Why would you want to be in so much debt when you're getting older?

 

[Billy ray]

Wont be near beach in either option.

 

[Cruyff14]

Wont be near beach in either option.

OK, so is having a pool more important than having less debt?

 

[Billy ray]

OK, so is having a pool more important than having less debt?

A pool is $50k. Its more the finishings, block size and location thats the ~150-200k difference