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In the 2022-2023 federal budget it was announced that businesses that fall behind on their tax lodgements can expect the financial penalties to increase dramatically from January 1, 2023, with a scheduled increase to Commonwealth Penalty Units from the current level of $222 to $275. More rises will follow.

Commonwealth Penalty Units affect the value of fines for tax, communication, financial and fraud offences.

If you are running a business these penalties can be applied to the following late returns, reports, and statements:

  • Activity statements
  • Tax returns
  • FBT returns
  • PAYG withholding annual reports
  • Single Touch Payroll reports

Small entities can expect to pay one penalty unit for each 28-day period that their tax return or statement is overdue, up to a maximum of five penalty units.

This means the increased financial value of Commonwealth Penalty Units could become $265 more expensive at the turn of the year.

Even larger penalties are expected in the future with the amount scheduled to increase every three years in line with Consumer Price Index growth.

These measures are part of a broader move to boost tax compliance measures after years of pandemic-era leniency from the ATO.

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TaxAssist Accountants can help with all financial aspects of running your business from Year End Accounts, Tax Returns, Bookkeeping, BAS Returns, and Payroll, as well as Cashflow Projections, Superannuation, Business Plans, Employment Law, Debt Recovery, Capital Gains TaxAudits and more.

Give us a call on 02 9608 3707 or fill in our enquiry form and we can set up a free initial consultation.

 

Date published 30 Nov 2022 | Last updated 30 Nov 2022

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