Consequence of Not Paying Taxes

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It's every earning citizen's duty to pay his/her taxes. If not done you could face major consequences. Let's look at some of them.

  1. Failure to file penalty – There's a penalty on your unpaid taxes for every month your tax return is delayed, and it goes upto a high percentage. In case you file your taxes beyond more than the time period of 60 days, you're liable to pay a fee of 150 dollars or 100 percent of the tax you owe. 
  2. Your property gets seized – If you're too late to pay your taxes, the tax authority will seize your property till the taxes are paid with interest. You should pay taxes to avoid this.
  3. Forfeit your refunds –If you pay taxes on time, you are entitled to get returns on the taxes, but if don’t pay, you will not get your returns.
  4. Tax evasion charges – The tax department can file for tax evasion charges on you for which you can face serious punishment with imprisonment upto 10 years maximum other than paying a hefty fine. 
  5. Revoke your passport – Your passport gets cancelled on the request of the tax department as there are chances of you fleeing the country to avoid fines or prison and paying whatever amount you accumulated on your taxes. 

So, be smart and don't avoid doing your taxes or else you could face any of these consequences, if not simply hire an expert from accountants in Southport, Gold Coast and let them do the work. 

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