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.
Andrew acts for a diverse range of private businesses, high net-wealth individuals and family groups. He specialises in business structuring, tax disputes and complex tax issues. He is passionate about leading by example, getting wins for his clients, solving difficult legal issues and … snowboarding!