Starting from October 2024, the Australian Taxation Office (ATO) has intensified its enforcement of late Business Activity Statement (BAS) submissions.
If you miss the BAS lodgment or payment deadline, the ATO may now impose fines immediately, without issuing prior warnings.
This shift highlights the importance of timely compliance to avoid penalties and unnecessary financial strain on your business.
New BAS Compliance Rules
The fine, known as the “Failure to Lodge” (FTL) penalty, is determined by the size of your business:
- Small Entities:
- One penalty unit (currently $313) for every 28 days your BAS lodgment is late.
- Capped at five penalty units (up to $1,565) if the delay persists.
- Medium and Large Entities:
- Face proportionately higher penalties due to their size and capacity to comply.
Source: For more information, visit the ATO’s resource page:ATO - Failure to lodge on time.
What To Do If You Miss the Deadline
If you foresee difficulties in meeting your BAS obligations, contact the ATO immediately.
They may show leniency if your business is facing genuine hardship.
However, proactive action is essential to mitigate potential penalties and protect your cash flow.
Avoid Penalties with Cashflow Manager
Navigating compliance deadlines can be challenging, but Cashflow Manager makes it easier.
Our platform offers user-friendly tools to manage your business finances and meet BAS deadlines effortlessly.
To help you submit your BAS on time, we are offering:
- 1 Hour of Free Bookkeeping
Support with Cashflow Manager Gold
Let our experts assist you in completing and submitting your BAS.
- Dedicated Customer Service:
Our support team is ready to answer any platform-related
questions and guide you through every step.
With Cashflow Manager by your side, you can stay compliant, avoid penalties, and focus on growing your business.
Visitcashflow-manager.com.au or call us today to take advantage of this limited-time support offer!
