Budget 2023: ATO offers late payment penalty amnesty to SMEs

If you have a tax bill due between December 1, 2019 and February 29, 2022 and it has not yet paid it, the ATO will not issue a fine, as long as the taxes are lodged by the end of this year.

Tax crackdown

But while the government is offering businesses some leeway with their taxes, it is doubling down on efforts to limit tax avoidance and minimisation.

Business operators can expect increased Tax Office scrutiny of their GST returns, with the ATO receiving almost $600 million in extra resourcing over four years to "continue a range of activities that promote GST compliance".

Here to help

If you have any queries or need help with any of the issues raised by the Federal Budget please contact your local TaxAssist Accountant on 1300 513 332 for expert advice and guidance.

Last updated: 10th May 2023