Forgotten Tax Return from 20 years ago

As embarasing as this sounds, I've just found out that I never completed at tax return for the period 2003-2004. Is this something I should follow up and complete, or does it not matter now that is is 20 years ago?

Thanks in advance for any advice on the matter.

 

What's your position?
Unless your due a hefty refund sounds like opening a can of worms.

 

If it shows as arrears its not lodged. So it should be. However back then there was no prefill. The ATO may hold some limited info and you need to request this as it sits on a different system. Or consider the time and it could be while you were at uni or school. A no return required lodgement could fix it. BUT if the ATO hold data that says you did have earnings it could trigger escalation for the inconsistency sometimes

 

Might help your executor of your estate if you tidy this up now

 

I had an outstanding tax return from the late 90's which I simply ignored because I was just a labourer and invoicing my long term employer, it was the wrong set up.
I was meant to do it but just slipped and only a few years ago my accountant alerted me that I should get it sorted out, so we worked out a figure and paid it.

 

I've got a client with tax returns for 2002 and 2003 outstanding. They were <18yo at the time and (not surprisingly) have no records from back then. Did potentially have a part-time job after school hours.

I've asked the ATO for any information they might hold and will complete the returns based on whatever they come up with.

 

What prompted you to remember you had forgotten to complete it?

 

Its often evident via MyGov / ATO as a unlodged return. Its common for tax agents to see these things. Its often things like periods where someone stopped work, travelled and were overseas or were at school.

 

Is there a requirement to file a return if there is no income or if income is below the tax-free threshold? Is there a statute of limitation for tax returns?

 

Other than the usual rules e.g. if you held an ABN, priv health rebate, etc. then no. You'd lodge a not necessary if applicable to remove it from your file.

As tax agents if you try and lodge a past return as not necessary it will either go through successfully or come up with an error stating 'our records indicate PAYG Withholding exists for this financial year' or something like that.

In which case you would have to request copies of tax docs from the ATO to complete the return. Most cases it ends up being a small refund for the client anyway depending on their income and relevant tax-free thresholds for past years. Takes a long time for the ATO to send the data though.

 

Simon, thanks.