In the past few months, we’ve found that the ATO has been relentless on those failing to lodge their tax returns (or other documents) on time.
An individual has recently been slugged with a combined penalty of $1750 for not lodging their 2014 & 2015 tax return. They were given 30 days to pay the fee, and will incur interest on any amounts not paid by the due day.
Penalty applies to the following documents:
- Activity Statement
- Tax Return
- Fringe Benefits Tax Return
- PAYG Withholding Annual Report
- Annual GST Return
- Annual GST information report
- Annual Taxable payment report
The amount of the penalty is calculated at the rate of one penalty unit ($180) for each period of 28 days or part thereof for which a document is overdue, up to a maximum of five penalty units. Size tests also apply, based on small, medium & large entities. To determine your size entity, click here.
As Tax Agents, we want to ensure that this does not happen to any of our clients. It’s a timely reminder to have your documents submitted in to us to process your work on time.