A failure to lodge (FTL) penalty is applied when Businesses are late with reporting to the ATO to supply information as and when required.

It is applied when an ‘approved form’ is required to be lodged with the ATO by a due date and is not received by that due date.

These include:

  • Business activity statement (BAS)
  • fringe benefits tax return
  • pay as you go (PAYG) withholding annual report
  • annual goods and services tax (GST) return
  • annual GST Information report

A failure to lodge on time (FTL) penalty is an administrative money penalty which may be applied where you are required to lodge a return, statement, notice or other document with the Australian Taxation Office (ATO) by a particular day, and you fail to do so. And payment is not claimable as a tax deduction.

The team at South East Access has extensive experience in accounting, personal and business tax, financial management, payroll services and bookkeeping.

Our “Compliance Made Easy” Package gives you stress-free business reporting to the Australian Taxation Office. This package includes all the essentials:

  • Meeting with South East Access Accountant in the final quarter to review your business financial position and to advise you on ways to reduce your tax bill.
  • End of year business and personal tax returns
  • BAS/IAS lodgement¬†– monthly, quarterly or annually
  • Financial statements and accounting reports –¬†monthly, quarterly or annually.
  • Financial Review Meetings to discuss how your business went throughout the year, and what you can improve upon next year.
  • Unlimited access to advice on taxation matters during the year
  • Bonus GST Cashbook

Should you require more information regarding your BAS and other reporting to the ATO, please feel free to contact the team at South East Access