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Should have declared taxable income on last year's tax form!


greyduster

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While sorting out this year's tax details I found a one off taxable item on my January 2018 e-statement that belonged to 29 December 2017. I intend to explain my mistake at our local tax office early next week. Does anyone know what penalty I am likely to incur?

Thanks in advance.
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In my humble opinion I doubt that a huge penalty will be imposed but it all depends on your tax office.

You will, presumably, have to pay the tax which would have been due and perhaps 10% extra for late payment.

But with the changeover to payg it might be different.

I've always found the tax people to be very helpful .. but again that depends on the particular office.
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greyduster wrote : UPDATE:

I decided to take a punt on mea culpa. Popped into the local tax office this morning and explained what I'd done. Good result: no penalty and half the expected amout of tax to pay!

Congratulations .. you must feel better for having come clean☺ .. and also be relieved that you were not hung, drawn and quartered for admitting an honest mistake ☺
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