welcome to r j s & associates
Are you a small business owner feeling overwhelmed by overdue tax obligations? Good news! The Australian Taxation Office (ATO) has just introduced a tax amnesty program exclusively for small businesses like yours.
In an effort to support small businesses and encourage their active participation in the tax system, the government has unveiled the Lodgment Penalty Amnesty Program as part of the 2023-24 Budget.
This program aims to help small businesses bring their obligations up-to-date by providing a unique opportunity to rectify overdue income tax returns, business activity statements, and fringe benefits tax returns.
If your small business has struggled to meet its lodgment obligations between 1 December 2019 and 28 February 2022, we have good news for you.
By taking advantage of the amnesty, you can lodge your overdue forms between 1 June 2023 and 31 December 2023, and any failure to lodge penalties will be entirely remitted. The process is simple and straightforward, requiring no additional action to request the remission. By taking advantage of this limited-time opportunity, you can bring your lodgments up to date without incurring failure to lodge (FTL) penalties.
To be eligible for this amnesty, your small business must have had an annual turnover of less than $10 million at the time the original lodgment was due.
However, please note that privately owned groups and individuals controlling over $5 million of net wealth are excluded from this program.
One of the key advantages of the Small Business Lodgment Penalty Amnesty Program is the proactive remission of associated failure to lodge (FTL) penalties. When you lodge your eligible overdue forms during the amnesty period, the ATO will automatically remit any FTL penalties. This means you won't need to separately request a remission, saving you time and effort.
However, it's important to note that a brief FTL penalty might appear on your account temporarily during the processing period. Rest assured, the ATO will promptly remit it, ensuring your compliance journey remains hassle-free.
At R J Sanderson, we understand the complexities of tax compliance and the challenges faced by small businesses.
As experts in accounting and taxation, we are here to support you throughout this amnesty program. If you have any questions regarding the program or need assistance with lodging your overdue forms, our dedicated team is ready to provide the guidance you need.
Don't miss out on this opportunity to bring your small business up-to-date with its lodgment obligations. Contact RJS & Associates today for any queries or to take advantage of the Small Business Lodgment Penalty Amnesty Program.
Let us help you navigate through the process and ensure your business stays on the right track.
This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.