News
Budget 2023: ATO offers late payment penalty amnesty to SMEs
Amnesty for small businesses with a turnover below $10 million a year that have fallen behind on their taxes.
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 08 6245 7506 for expert advice and guidance.
Date published 10 May 2023
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