Late lodgement fees with the ATO - a warning

This is a reminder to all small business owners in Australia. Recently we have been made aware of the ATO imposing significant penalties on businesses that are late to lodge their business activity statements (BAS), or instalment activity statements (IAS).

We always recommend all clients lodge their statements on time, for monthly clients the due date is the 21st day after the end of the month prior, for quarterly clients the due date is the 28th of the month after the end of the quarter. 

In the past the ATO has usually been flexible with these due dates, however this is no longer the case. We have heard of fines of hundreds of dollars for being just a week late. Please make sure that all your statements are lodged on time, and paid as soon as possible.

If you need help lodging or assessing your BAS, contact us today.

Disclaimer

This information is intended to be general in nature and is not personal financial advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided having regard to your objectives, financial situation and needs.