Does your Small Business have overdue Taxation Returns, Business Activity Statements or Fringe Benefits Taxation Returns with the ATO?
On 9 May 2023 as part of the 2023/24 Budget the government announced a lodgment penalty amnesty program for small businesses to encourage them to re-engage with the tax system and get their obligations up-to-date.
The amnesty applies to overdue income tax returns, business activity statements and fringe benefits tax returns that were due between 1 December 2019 and 28 February 2022.
If eligible overdue forms are lodged between 1 June 2023 and 31 December 2023, any failure to lodge penalty applying to the late lodgment will be remitted. No action is required to request a remission.
To be eligible for the amnesty the small business must have had an annual turnover of less than $10 million at the time the original lodgment was due.
This does not apply to privately owned groups, or individuals controlling over $5 million of net wealth.
Please contact our office on 08 9387 5637 if you would like more information in regards to this amnesty.
