Late Business Activity Statements (BAS) Penalties from 1 July 2002
Further to the Tax commissioner's announcement about penalties for late lodgement of BAS and IAS from 1 July 2002 the ATO has now advised that, from the first Activity Statements due for the new financial year, any document that is not lodged on time may have a penalty notice issued automatically. This penalty is referred to as the Failure to Lodge on Time (FTL) penalty and will be calculated as follows:
The maximum penalty that can be imposed is for 5 periods. Entity size
is determined by reference to its withholding status, its assessable
income or its current annual turnover for GST purposes.
Our dedicated team can assist you with all your accounting and GST related matters. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.
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