New penalties being considered for late or fraudulent tax lodgements

It has been reported that the government is considering a huge change to penalties for late reporting and fraudulent reporting. Examples being considered are:

If Single Touch Payroll isn't reported, then not allowing the tax deduction for the whole cost of salaries not reported.

BAS not reported, not allowing the tax deduction of any expenses that should have been reported in those missing BAS reports.

If taxable income is understated fraudulently or no reasonable care take, then the expenses related to that income wouldn't be claimable.

At the moment these are just proposals being put together by the ATO and consultants, if implemented this would be a huge change and a big stick approach to tax avoidance. These penalties would be on top of the current penalties I would presume, putting a huge penalty for not reporting correctly on time.

#PayrollSoftware #SingleTouchPayrollSTP #AgedCareCommunityCareHomeCareNDISRetire #news

Featured Posts
Recent Posts
Archive
Search By Tags
Like us? Follow us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

Inerva

Enabling Aged Care

Inerva Pty Ltd

29 Seaport Boulevard

Launceston

TAS  7250

Inerva Pty Ltd

2/104 Stuart Street

PO Box 1187

Mullumbimby

NSW  2482

Phone: 1800-INERVA

Freecall: 1800 463 782

Support Centre Login

Project Management Login

  • b-facebook
  • Twitter Basic Black
  • b-googleplus
  • YouTube Black Round
  • LinkedIn Black Round
  • Blogger Black Round

Copyright and other rights associated with logos and images presented here are vested with their respective owners.