ATO Remitting Failure to Lodge Penalties
The Australian Taxation office released the following statement to the media on 12th July 2017
Find it here
In their media release issued 12 July 2017 they acknowledged the affect that their systems incidents, where their website and Business, Tax and BAS Portals have been offline and not functional, have had on Tax Agents and their clients.
With this in mind they have decided that Failure to lodge (FTL) on time penalty will not be imposed for tax returns and all activity statements due to be lodged from December 2016 to the end of August 2017,where lodgement is received by 31 August 2017.
This decision applies to the following obligations:
2016 Tax Returns
Monthly activity statements - November 2016 to July 2017, inclusive 2017
PAYG instalment activity statements - Quarter 2, Quarter 3 2017
Quarterly activity statements - Quarter 2, Quarter 3 2017
This is great news for any Individual, Partnership, Company, Trust or SMSF that have not lodged their 2016 Tax Returns or Activity Statements to date.
Please remember that the penalty will be imposed if they are not lodged by 31st August 2017.
Now is the time to take advantage of this grace period and get all your returns up to date as soon as possible.
Please call our office on 07 5502 6673 to make an appointment with one of our Accountants