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The ATO is encouraging eligible small business to take advantage of a Lodgment Penalty Amnesty Program that is available until 31 December 2023 and get their tax obligations back on track.
The amnesty applies to overdue tax returns, business activity statements (BAS) and fringe benefit tax returns originally due between 1 December 2019 to 28 February 2022. To be eligible for the amnesty, the small business must be an entity with an aggregated turnover of less than $10 million at the time the original lodgment was due.
Eligible small businesses who lodge their overdue forms during the amnesty period will have their failure to lodge (FTL) penalties remitted.
ATO Assistant Commissioner, Emma Tobias, said the amnesty was a unique opportunity for small businesses to get lodgments back on track.
“Lodging returns and BAS is not optional, but the amnesty is an opportunity for small businesses who have fallen behind to get up-to-date with their tax obligations.
“If small business lodge those returns and BAS and get those up to date, all failure to lodge penalties for the outstanding returns will be remitted.
“If a small business has their lodgments up to date, it helps them understand their financial position,” continued Emma.
Australian Bookkeepers Network (ABN) Director, Peter Thorp, says that this amnesty presents opportunities for onboarding new bookkeeping clients.
“If small businesses have been reluctant till now to face their books because of fear of penalties, this is an opportunity for bookkeepers to re-engage these clients and start conversations with new clients,” said Peter.
“Putting your head in the sand doesn’t help when it comes to tax obligations or your business’ financial position,” continued Peter. “Now at least businesses can be more proactive about addressing their fears without the extra worry of incurring FTL penalties to boot.”
The amnesty comes at a time, post-pandemic, where the ATO has refocused attention on the business sector with initiatives including new lodgement deferral technology,
Emma explains the amnesty is about encouraging small businesses who might have delayed lodging because of FTL penalties to re-engage with the tax system.
“This amnesty is about helping small businesses get back on track. They can then take the opportunity to work with us to manage any debt they have or talk to their tax and BAS agent to work through the best options for their business. “
“If a business engages with us we have a range of options to support them,” said Emma. “If a business doesn’t engage with us, we may take firmer action.”
If a business cannot pay in full at the time you lodge, support options can be found on the ATO website https://www.ato.gov.au/General/Paying-the-ATO/Help-with-paying/Payment-plans/.
More information on the Lodgment Penalty Amnesty Program is available on the ATO website
