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BAS – Late Lodgment Penalties

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What happens if I lodge late?

Extra money for the ATO!

 

 

Make sure if you have Business Activity Statements to complete that they are lodged on time as the ATO may issue late lodgment penalties.
The Failure to lodge on time penalty (FLT) for a small business starts from $180 up to 28 days late and could go up to $900 if over 113 days late.  Interest may also be imposed.
If preparing these yourself you will have at least 1 month after the end of the period to lodge.
You will have further extensions of time if lodging electronically via the business portal or lodged by us (up to 2 months after reporting period closes).

If you have questions regarding how the penalties are applied please contact us or refer to the ATO link below for further guidance.

 

hyperlink  Further information

ato  Failure to Lodge Penalties

 

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Posted in: Blog, Jan-June 2016, Taximiser News

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