We have some fantastic news for small businesses! As part of the 2023-24 Budget, the government has introduced a Lodgment Penalty Amnesty Program. This program aims to encourage small businesses to re-engage with the tax system and fulfill their obligations.

What is the Lodgment Penalty Amnesty Program?

The Lodgment Penalty Amnesty Program is a special initiative designed to provide relief to small businesses who have fallen behind in lodging their tax obligations, including income tax and business activity statements. It offers a limited-time opportunity to catch up on overdue lodgments without incurring severe penalties.

Who is eligible for the Lodgment Penalty Amnesty?

To be eligible for the Lodgment Penalty Amnesty, your small business must meet the following criteria:

📌 At the time of lodgment, your entity must have an aggregated turnover of less than $10 million.

📌 The tax obligations, including income tax and business activity statements, were originally due between 1 December 2019 and 28 February 2022.

📌 You must lodge the overdue returns between 1 June 2023 and 31 December 2023.

It’s important to note that the amnesty does not apply to privately owned groups or individuals controlling over $5 million of net wealth.

What are the benefits of participating in the Lodgment Penalty Amnesty?

By taking part in the Lodgment Penalty Amnesty Program, you can enjoy significant benefits, including:

✅ Penalty Remission: Any failure to lodge penalty that applies to your late lodgments will be automatically remitted. You don’t need to take any action to request the remission.

✅ Re-Engagement with the Tax System: This program offers an opportunity to re-engage with the tax system and bring your small business up-to-date with its obligations.

How to participate in the Lodgment Penalty Amnesty?

Participating in the Lodgment Penalty Amnesty Program is simple. Here’s what you need to do:

1️⃣ Gather all the overdue tax returns, income statements, and other relevant documents.

2️⃣ Lodge the outstanding returns and statements between 1 June 2023 and 31 December 2023.

3️⃣ Enjoy the benefits of automatic penalty remission and peace of mind.

Take Advantage of the Lodgment Penalty Amnesty Today!

The Lodgment Penalty Amnesty Program offers a valuable opportunity for small businesses to catch up on their overdue lodgments and avoid heavy penalties. Make sure to take advantage of this limited-time offer to get your small business back on track with its tax obligations.

If you have any questions or need assistance regarding the Lodgment Penalty Amnesty Program, don’t hesitate to reach out to us. Our team of experts is here to support you throughout the process.

Remember, this is a chance to re-engage with the tax system and ensure compliance for your small business. Act now and seize this opportunity for a fresh start!

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