September 12, 2016
The ATO has issued a consultation paper in which it is proposing changes to penalties for small business and individuals.
In an on-going effort to encourage people to be willing participants in the tax system, the ATO is looking to soften its approach to the application of penalties for situations where there has been a failure to take reasonable care or a failure to lodge various returns on time.
While the ATO describes this as a “softening” in their approach, it is limited to one chance only for the first error and late lodgment. The ATO says that if the community supports the proposed changes, it will have the following rules
If you want to read the proposal paper, click here
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