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 1300 513 332 for expert advice and guidance.
Date published 10 May 2023
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our multiple locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.
See how TaxAssist Accountants can help you with a free, no obligation consultation