Do you have late lodgments?

The small business lodgment penalty amnesty program was announced on 9 May 2023. The amnesty allows you to bring your outstanding tax returns and business activity statements (BAS) up-to-date.

To be eligible for the amnesty you must meet the following criteria:

• had an annual turnover of under $10 million at the time the original lodgment was due
• have outstanding tax returns or BAS that were due between 1 December 2019 and 28 February 2022
• lodge between 1 June and 31 December 2023.

The amnesty doesn’t apply to privately owned groups, or individuals controlling over $5 million of net wealth.

If you’re eligible for the amnesty, any failure to lodge penalty that applies to the late lodgment will be automatically remitted. You don’t need to do anything. However, general interest charge will continue to apply.

It’s important to get back on track with your lodgments. This will help you understand your net tax position. If you end up with a debt and you need help, contact us early so we can find the best solution for you. In most cases you’ll be able to set up your own payment plan online – our self-serve payment plan option is available for debts up to $100,000.

If you have outstanding lodgments because you are no longer operating a business, it’s important to lodge your obligations, and then cancel your ABN and any tax registrations such as GST.

We’re here to help if you need extra support or assistance. You can also contact your registered tax or BAS agent to help you get back on track.

Source: ATO