The ATO currently has a lodgement penalty amnesty in place for eligible small business entities.

This means that the ATO automatically remits late lodgement penalties for eligible small businesses who get their overdue tax returns, activity statements and fringe benefits tax returns lodged by 31st December 2023.

To be eligible for the amnesty, you must meet the following requirements:

1. Have had an annual turnover amount of under $10 million when the original lodgement was due.

2. Had overdue income tax returns, BAS or FBT returns that were due between 1st December 2023 and 28th February 2022.

3. The outstanding returns must be lodged between 1st June and 31st December 2023.

The amnesty does not apply to privately owned groups or individuals who control over $5 million of net wealth.

Directors who bring their company lodgements up to date during June and December 2023 can also get their penalties remitted where they rely upon the lodgement of the Company return to finalise their tax affairs.

Click here for more information regarding the ATO Lodgement Penalty Amnesty.

If you have any questions about this or wish to discuss it further, please get in touch with us on 0434 084 635 or email amy@albaccounting.com.au