New interest and FTL penalty remission request forms

ATO’s new forms help you give the right information when requesting a remission of interest charges or FTL penalty.

Most businesses do the right thing and lodge and pay their taxes in full and on time, but we know sometimes circumstances can prevent this.

If this happens, you accrue general interest charge (GIC), shortfall interest charge or receive a failure to lodge (FTL) penalty, you can request a remission using our new forms. These forms guide you or your tax professional to provide the right information we need to make a decision on if we may remit some or all of the interest or penalty.

To submit a remission request:

1. Download the relevant remission form.
2. Complete the form.
3. Log into Online services for business or Online services for individuals and sole traders (this applies to sole traders with an ABN only).
4. Attach the completed form to a secure mail message.

You can also phone ATO or mail your completed form if you can’t use online services. If you phone the ATO and your request relates to interest or penalty amounts of more than $2,500, it will be escalated to a dedicated team to make a decision. This means you won’t receive an immediate decision.

ATO has also published examples of GIC remission requests to help guide you on the common circumstances they see, and the likelihood that they may remit some or all of the interest.

Remember, if you can’t lodge or pay on time, contact the ATO or RA Advisory registered tax professional before the due date to explore support options available to you.

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Source: ATO