Beware: The ATO is enforcing late lodgment penalties

In 2024, we have noticed a large spike in late lodgment penalties imposed by the ATO. Late lodgment penalties apply to all forms of ATO lodgments and include late lodgment of:

  • Tax returns
  • Income Activity Statements
  • Business Activity Statements
  • FBT returns
  • Single Touch Payroll reports, and more.

The rate of the late lodgement penalty that can be imposed by the ATO depends on the entity.

For individuals and small businesses with turnover of under $1 million, the late lodgment penalty is $313 per month capped at $1,565. 

For businesses with turnover of between $1-20 million, the late lodgment penalty is $626 per month capped at $3,130.

For businesses with turnover of above $20 million, the late lodgment penalty is $1,565 per month capped at $7,825.

Given the recent ATO focus on late lodgment penalties, we strongly recommend that all of our clients meet their lodgment and payment deadlines to avoid penalties as well as additional interest on debts being charged.

Need help?

We have experienced Tax Advisors and Accountants who can advise you on your obligations.

Contact your BG Private advisor, or contact our Tax Advisory Partner, Tim Olynyk on +61 3 9810 0700 or t.olynyk@bgprivate.com.au and we can help.

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