Life, Death and Taxes – Insights by Andrew Henshaw

PROPOSED PENALTY CHANGES FOR SMALL BUSINESS: A STEP IN THE RIGHT DIRECTION

The ATO has recently released a consultation paper regarding penalties for small business and individuals link. The paper proposes penalty concessions which could provide some relief for individuals and certain small businesses. The most interesting aspect of the paper is that the ATO proposes not impose penalties for first time offences where the taxpayer has made a false or misleading statement in their income tax return or business activity statement, even though the taxpayer has failed to take reasonable care.

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Melbourne VIC 3000

Level 12, 360 Elizabeth Street,
Melbourne VIC 3000

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