The ATO is increasing penalties for late lodgments and applying interest on all outstanding account payments and balances.

 

Under the law, the ATO can impose administrative penalties for various actions, including:

• Providing false or misleading information

• Failing to submit tax returns or BAS on time

• Not withholding PAYG amounts when required

• Failing to meet other tax obligations

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If you incur a penalty, the ATO will send you a written notice specifying the reason, amount, and due date. Typically, payment is required within 14 days of receiving the notice, and these penalties are not tax-deductible.

 

Interest accrues daily on overdue amounts, highlighting the importance of paying on time and making payments in full.

If a due date falls on a weekend or public holiday, you have until the next business day to lodge and pay.

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For additional detailed information, kindly visit the ATO website.

 

In conclusion you really need to be vigilant in making sure all your bookwork is up to date and handed in to us early enough so that we can do our thing and avoid any of these fines.

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