🚀 go-pugleaf

If you are a salary/wage earner, you should be looking at refunds of
around $500 a year up to 2003, a bit less each year thereafter as the
tax rates dropped. If you get the fee taken from the refund you should
still get monery back - better in your bank than the ATOs. You won't
find out if you don't ask!
5 years is now accepted as the limit to keep records, unless you are
in business.
CmiJ

On Mon, 10 Apr 2006 01:21:02 GMT, "jg" <jg@nospam.com> wrote:

>
>"Patrick Hamlyn" <path@multipro.N_OcomSP_AM.au> wrote in message
>news:p6bj32l17vthucu4g50hccia2dqt98166s@4ax.com...
>> "GDS" <not@home.com> wrote:
>>
>> >
>> >"jg" <jg@nospam.com> wrote in message
>> >news:Use_f.3015$vy1.2171@news-server.bigpond.net.au...
>> >>
>> >> "KL" <nospam@optusnet.com.au> wrote in message
>> >> news:443919af$0$20113$afc38c87@news.optusnet.com.au...
>> >>> Note the following from the ATO
>> >>>
>> >>
>(http://www.ato.gov.au/individuals/content.asp?doc=/content/23605.htm&page=3
>> >> &H3)
>> >>> which may provide some relief:
>> >>> In most circumstances, [Failure to Lodge on Time] penalty will not be
>> >>> applied to late lodged Income Tax returns ... where the lodgment
>results
>> >> in:
>> >>>
>> >>>   a.. a refund, or
>> >>>   b.. a nil result, i.e. neither a debt nor a refund.
>> >>>
>> >> You reckon someone 10 years late is owed a refund?
>> >
>> >Yeah, it does happen. A guy from work gave me 7 years of papers to pass
>onto
>> >my dad(ex-ATO worker) and got a few grand worth of refund.
>>
>> 7 is not 10.  Someting happens at 7 years to reduce your liability, not
>sure
>> exactly what.
>>
>> Chances are the ATO reduces their liability after 7 years as well.
>
>You are supposed to keep records for 7 years, within 7 years you are
>possibly subject to a random audit.
>
>