Sep 4, 2023 Joel Hernandez
Tax amnesty for small business
The small business lodgement penalty amnesty program was announced on 9th May 2023. The amnesty allows businesses to bring their outstanding tax returns and business activity statements (BAS) up-to-date, without incurring a late lodgement penalty.
To be eligible for the amnesty you must meet the following criteria:
- had an annual turnover of under $10 million at the time the original lodgement was due
- have outstanding tax returns or BAS that were due for lodgement between 1st December 2019 and 28th February 2022
- lodge between 1st June and 31st December 2023.
The amnesty does not apply to privately owned groups, or individuals controlling over $5 million of net wealth.
If you are eligible for the amnesty, any failure to lodge penalty that applies to the late lodgement will be automatically remitted, but General Interest Charge will continue to apply.
If this applies to you, we can help you get back on track. But do hurry, as the final date for lodgement is 31 December 2023.