Small businesses with overdue tax and fringe benefits returns dating back almost four years are being granted amnesty.
The Australian Taxation Office is encouraging small businesses with an aggregated turnover of less than $10 million at the time lodgements were due to file the overdue returns.
These businesses have until December 31 to lodge returns and business activity statements that are overdue dating back to between December 2019 and February 2022.
During the seven-month amnesty, the tax office will waive any associated failure to lodge penalties.
The measure was announced as part of May’s federal budget.
“The past few years have been tough for many small businesses, with the pandemic and natural disasters having a significant impact,” ATO assistant commissioner Emma Tobias said.
“Lodging these forms are not optional, so we hope our amnesty will make it easier for impacted small businesses to get back on track.”
Ms Tobias said if a business had ceased trading, it must advise their registered tax professional or the ATO directly.
The amnesty does not apply to superannuation obligations and excludes other administrative penalties such as those associated with the taxable payments reporting system.
Source: AAP
