As part of the 2023-24 Budget, the ATO announced a lodgment penalty amnesty program for small businesses to encourage them to get their obligations up-to-date.
This amnesty applies to all tax obligations, including income tax and business activity statements, that were originally due from 1 December 2019 and 28 February 2022.
If these obligations are lodged between 1 June 2023 and 31 December 2023 then the ATO will remit any late lodgment penalties without the need to request a remission.
To be eligible for the amnesty the small business at the time of lodgment be an entity with a turnover less than $10 million. It does not apply to privately owned groups or individuals with over $5 million net wealth.
If this relates to you, contact us today and we can prepare and lodge your outstanding obligations on your behalf.
For more information, please visit the ATO website here.