If you are a bit behind in your lodgements – you’re being given a Get Out of Jail Free card. Use it!
ATO says: The government announced a lodgement 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 tax obligations, including income tax and business activity statements, that were originally due from 1 December 2019 and 28 February 2022.
If those returns are lodged between 1 June 2023 and 31 December 2023, any failure to lodge penalty applying to the late lodgment will be automatically remitted. No action is required to request a remission.
This announcement doesn’t say interest on late payments will also be waived, but its still a pretty good deal.
Now is the perfect time to engage a BAS agent to help you get your records in order, so you can lodge while the window is open.
