According to ATO official website, last 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 lodgment penalty amnesty program 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 a penalty applying to the late lodgment will be remitted. No action is required to request a remission.
To be eligible for the lodgment penalty amnesty program 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.
Connect with us today through our convenient form submission here, or reach out via email at [email protected]. Alternatively, you can give us a call at 1300 844 678. Let’s have a conversation about your business concerns, take advantage of the Lodgment Penalty Amnesty Program today to bring your small business up-to-date with tax obligations.
If you have overdue income tax returns, business activity statements, or fringe benefits tax returns due between 1 December 2019 and 28 February 2022, now is the time to act. By lodging your eligible forms between 1 June 2023 and 31 December 2023, you can have any failure to lodge penalty remitted without needing to request it. Ensure your annual turnover is under $10 million to be eligible for this amnesty. Please note that privately owned groups or individuals controlling over $5 million of net wealth are not covered by this program.