Small Business Lodgement – Penalty Amnesty
As part of the 2023-24 Budget the Federal Government announced a small business lodgement penalty amnesty. This is a time-limited initiative introduced to provide small business owners with the chance to get their tax obligations up-to-date without incurring any late lodgement penalties. The amnesty is effective from 1 July 2023 until 31 December 2023.
To be eligible you will need to meet the following criteria:
- You are a small business with an aggregated turnover of less than $10 million at the time the original lodgement was due.
- You have outstanding income tax returns, business activity statements and/or fringe benefits tax returns that were due between 1 December 2019 – 28 February 2022.
- Eligible overdue forms are lodged between 1 June 2023 and 31 December 2023.
If you lodge your outstanding returns as part of the amnesty, any late lodgement penalty will be remitted.
The amnesty doesn’t apply to private owned groups or individuals controlling over $5 million of net wealth.
Please contact us if you have outstanding lodgements and would like assistance in getting these up-to-date.
DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent.
Mel hails from New Zealand’s beautiful North Island. She came to Australia in 2008 and has over two decades of experience in public practice. Mel joined TJN Accountants in 2018 and is the trusted advisor to many small businesses. Mel is also the financial controller for #Beatniks Records, an independent music store run by her husband Jayden. Book in to see Mel today.