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On deafault assessments

10 Dec 10 On deafault assessments

MEMBER 368 writes:

"We received the first one of these today. Company client has ceased trading (2008), but has continued to lodge BAS as it pays off accumulated debt. The 2009 return is to be lodged by 13 January 2011, otherwise default assessment will issue, on taxable income of $3m. At the height of its trading, the company turnover was not of this level, let alone its taxable income. Surely, the ATO can see from lodged BAS, that the potential assessment has no foundation in reality - blind Freddie can. Now the conundrum - do we prepare and lodge this work in the hope of being paid? - or do we throw the client to the wolves? - heaven knows he's been battling them for some time. Normally we would refuse to lodge until paid - but with the threat of a default assessment of this magnitude hanging in the balance, we have been disempowered. Nice One!"