Posts Tagged: default assessment

How the ATO default administrative penalty is calculated, and what you can do to reduce it

If you don’t lodge a tax return or statement with the ATO when it is due, the ATO can send you a default assessment or a notice of estimate. This means that the ATO makes an estimate of your tax and charges you that amount. The worst thing about a default assessment or a ...

Why a notice of estimate of liability from the ATO means trouble

The ATO can issue a 'Notice of estimate of liability' (or an 'Estimate Notice') if it believes that you have overdue: pay as you go (PAYG) withholding amounts; or superannuation guarantee charge (SGC) that has not been assessed. An Estimate Notice is a formal notice that the ATO can issue under section 268-15 of Schedule 1 ...

Don’t get caught out by an ATO default assessment

A default assessment is an assessment of income tax issued to you by the ATO, based on the amount of tax that the ATO thinks you should pay. The ATO can issue a default assessment in two situations: Where you have not lodged a return, notice or another document that you must to lodge.  ...