Sep 4, 2023 Joel Hernandez

Tax amnesty for small business

The small business lodgement penalty amnesty program was announced on 9^th 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 1^st December 2019 and 28^th February 2022
• lodge between 1^st June and 31^st 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.