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

By Andrew Henshaw, Director, Velocity Legal

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.

Insight Authors…

ANDREW HENSHAW

Director

Andrew leads Velocity Legal’s Sydney practice.

If you are in a fight with the ATO or looking to restructure your business, you should have Andrew in your corner. Andrew is passionate about getting wins for his clients, solving difficult legal issues, and giving his clients clear and confident guidance. Andrew is a Chartered Tax Advisor, holds a Masters of Law from the University of Melbourne and is the author of ‘Life, Death and Taxes’. Andrew is also a passionate snowboarder and is always up for the next adventure in life.

0421 219 553  •  DOWNLOAD VCARD  •  READ ALL OF ANDREW'S ARTICLES

learn more

Get in touch…

2 + 2 =

Level 49, 360 Elizabeth Street,
Melbourne VIC 3000

Level 10, 580 George Street,
Sydney NSW 2000

Level 49, 360 Elizabeth Street,
Melbourne VIC 3000

Level 10, 580 George Street,
Sydney NSW 2000

Liability limited by a scheme approved under professional standards legislation.