Business Activity Statement
- Minimise Your Tax Liability
- Expert Tax Agents
- Avoid BAS late Payment Penalty
Lodge Your BAS With Confidence By Choosing A Trusted Tax Agent.
Late-Lodgement And Non-Lodgement ATO Penalties
One of the penalties that can be imposed is the Failure to Lodge (FTL) penalty. This penalty is calculated based on the number of days that the BAS is overdue. The penalty amount increases the longer the BAS remains outstanding. The current penalty rate is $222 for each 28-day period or part thereof that the BAS remains outstanding, up to a maximum of $1,110.
$210 for each period of 28 days or part thereof that the statement remains outstanding, up to a maximum of $1,050.
Failure to pay on time
Penalty can be up to 20% of the unpaid tax amount for failure to pay on time.
General interest charge (GIC)
Daily interest accrues on unpaid taxes, including penalties and interest charges. The rate is updated quarterly and is generally higher than standard interest rates.
The penalty can range from $250 to $4,500, depending on the entity type and the seriousness of the failure.
How to Avoid ATO Penalties
At TMS Financials, we understand the challenges and risks involved. That’s why we are here to provide you with a comprehensive understanding of the penalties associated with late or non-lodgement, empowering you to take control and eliminate the risk of fines in the future.
Establish a systematic approach to record-keeping and document management. Keep track of your financial transactions, invoices, and relevant records in an organized manner, ensuring you have all the necessary information readily available when it’s time to lodge your BAS.
Set Reminders and Deadlines
Create calendar reminders or use digital tools to set alerts for BAS lodgement due dates. Stay proactive and ensure you have ample time to gather the required information, complete the necessary calculations, and submit your BAS before the deadline.
Engage a Tax Agent
Consider partnering with a tax agent, such as TMS Financials, who specializes in BAS lodgement. They can provide expert guidance, manage deadlines on your behalf, and ensure accurate and timely lodgement while keeping you compliant with ATO requirements.
Plan Ahead and Seek Assistance
Anticipate potential challenges and seek assistance in advance. If you foresee any issues or complexities with your BAS, such as reconciling complex transactions or understanding specific tax requirements, consult with a tax professional well in advance of the lodgement due date.