Paying taxes is a must for a lot of good reasons. One; it helps to define the duty of a citizen when he or she pays taxes. Two; it helps for the proper functioning of the government, creates salaries for those risking their lives in order to offer us protection and more. However, nobody is happy to pay back taxes which results in a few of those trying to escape the law. If you think that you can escape without paying taxes, then these are a few consequences you are bound to face.
- Heavy Fines and Penalties – This is a consequence known to be common in terms of not paying taxes. If you keep extending the time without even bothering to pay your taxes, then on the original amount you will be required to pay additional fines and penalties.
- Visit to the Court –Another popular consequence of failure to pay your taxes would be visiting the court. You may be under the impression that it is fine to visit the court however, it is the expenditure you will be spending in hiring a lawyer to get the problem sorted.
- Visit to the Jail – This is a rare consequence in terms of failure to pay taxes. However, if the penalties and fine go beyond a certain time limit, then you are definitely be spending a few months to years behind bars that you don’t want.
These are just a few consequences related to not paying your taxes. It is recommended to hire an accountant who can offer the best accounting services in Sydney to you.