I haven't paid taxes since Feb 2007, how do I make it right? I'm Australian.
Despite good intentions, I never got around to paying my taxes this year... or the year before... since Feb 2007 when I went out on my own as a web designer. I've travelled a fair bit and haven't made a great deal, but this has always been in the back of my mind. I need to make it right - start afresh. I'm Australian - What do I need to do?
I've scanned, OCR'd and imported all of my banking statements into an online money manager
, which tells me what I've spent and how much I've earned. Then I calculated
how much I would have had to pay (not including tax write-offs & if I paid on time) to give me a rough idea. This doesn't take into account late fees of course. Which I'm freaking out about.
I assume my next step is to take all of these figures to an accountant? Will they need anything else? Am I better off putting this off until I have significant reserves in my bank account? How harsh are the late fees going to be? How much should an accountant charge to submit these?
Thanks for your time - I appreciate it :)