The small business lodgment penalty amnesty program commences on Thursday, 1 June. It gives agents and their small business clients an opportunity to get their outstanding tax returns and business activity statements (BAS) back on track.
To be eligible for the amnesty small business taxpayers must meet the following criteria:
The amnesty does not apply to privately owned groups, or individuals controlling over $5 million of net wealth. If clients are eligible for the amnesty, any failure to lodge penalty that applies to the late lodgment will be automatically remitted. They do not need to do anything. However, general interest charge will continue to apply.