RBizz Corporate Accountants - Resources #Key Dates

Essential Compliance Timetable for Pty Ltd Companies (with Penalties & Fees)

Mon, 30 Jun 2025 21:25:36 +1000

Essential Compliance Timetable for Pty Ltd Companies (with Penalties & Fees)

Staying compliant is essential for your company’s success and avoiding unnecessary costs. Below, you’ll find key compliance dates, what applies to your business, and a full breakdown of all relevant fees, penalties, and interest rates.

1. Business Activity Statements (BAS)

Who must lodge?

All companies registered for GST, PAYG withholding, or PAYG instalments.

BAS Due Dates

Lodgement Frequency	Period Covered	Due Date (Each Year)
Quarterly	Jul–Sep	28 October
	Oct–Dec	28 February
	Jan–Mar	28 April
	Apr–Jun	28 July
Monthly	Each calendar month	21st of following month

If you are registered with a tax or BAS agent, you may be eligible for an extension for some BAS lodgements^.

BAS Late Lodgement Penalties (Failure to Lodge on Time)

Entity Size	Penalty per 28 Days Late	Maximum Penalty (5 periods)
Small (turnover <$1m)	$330	$1,650
Medium ($1m–$20m)	$660	$3,300
Large (>$20m)	$1,650	$8,250
Significant Global	$165,000	$825,000

Penalties apply per BAS, per period overdue. The ATO may not apply penalties for isolated late lodgements, but repeat late lodgement increases risk^.

Interest on Late BAS Payments

Interest Type	Rate (from 1 July 2025)	Notes
General Interest Charge (GIC)	10.78% p.a.	No longer tax-deductible from 1 July 2025

2. Company Tax Return

Who must lodge?

All Pty Ltd companies.

Company Tax Return Due Dates

Lodgement Method	Due Date (Each Year)
Self-lodgement	31 October (following financial year end) - if you are lodging yourself
Lodgement via tax agent	Usually 15 May (following financial year end) - if registered with a tax agent by 31 October

Late Lodgement Penalties

Entity Size	Penalty per 28 Days Late	Maximum Penalty (5 periods)
Small (turnover <$1m)	$330	$1,650
Medium ($1m–$20m)	$660	$3,300
Large (>$20m)	$1,650	$8,250
Significant Global	$165,000	$825,000

Penalties apply per overdue return. The ATO may issue warnings before applying penalties^.

Interest on Late Tax Payments

Interest Type	Rate (from 1 July 2025)	Notes
General Interest Charge (GIC)	10.78% p.a.	No longer tax-deductible from 1 July 2025

3. ASIC Compliance

Who must comply?

All Pty Ltd companies.

Key ASIC Obligations

Obligation	Due Date (Each Year)	Fee (from 1 July 2025)
Annual review fee	On company anniversary	$329
Notify changes (officers, address)	Within 28 days of the change	No fee for timely lodgement

ASIC Late Fees (from 1 July 2025)

Type of Late Fee	Up to 1 Month Late	Over 1 Month Late
Late payment or lodgement	$98	$411

Late fees apply on top of the original fee. Failure to pay can lead to company deregistration^.

4. Employment Compliance

Who must comply?

All Pty Ltd companies who employ staff.

A. Single Touch Payroll (STP)

Business Size	Penalty per 28 Days Late	Maximum Penalty
Small (<$10m turnover)	$210	$1,050
Medium	$420	$2,100
Large	$1,050	$5,250
Significant Global	$105,000	$525,000

Penalties apply for each period of 28 days that a report is overdue. The ATO generally applies penalties for repeated or serious non-compliance^.

B. Superannuation Guarantee (SG)

Quarter	Period Covered	Super Due Date (Each Year)
Q1	Jul–Sep	28 October
Q2	Oct–Dec	28 January
Q3	Jan–Mar	28 April
Q4	Apr–Jun	28 July

Penalties for Late Super Payments

Penalty Type	Details
Superannuation Guarantee Charge (SGC)	Includes unpaid super, 10% p.a. interest (from quarter start to payment date), $20 admin fee per employee per quarter. Not tax-deductible.
Director liability	Directors may become personally liable for unpaid SGC.

5. Taxable Payments Annual Report (TPAR)

Who must lodge?

If ATO asks you to lodge.

Obligation	Due Date (Each Year)	Penalties (as at 1 July 2025)
Lodge TPAR	28 August	$330 per 28 days late, up to $1,650 (small entities); higher for medium/large.

6. Frequently Asked Questions

Q: Do all companies need to lodge all these forms?
No. Requirements depend on your business activities (e.g., TPAR only for certain industries, STP and super only if you have employees).

Q: What if a deadline falls on a weekend or public holiday?
The due date moves to the next business day.

Q: Can I get an extension?
If you are registered with a tax or BAS agent, you may be eligible for extensions on some lodgements.

Summary 1: Compliance Timetable by Compliance Type

Compliance Type	Obligation	Due Date(s) (Each Year)	Penalty/Interest (as at 1 July 2025)
BAS (Quarterly)	Lodge & pay	28 Oct, 28 Feb, 28 Apr, 28 Jul	$330 per 28 days late (small), up to $1,650; GIC 11.17% p.a.
BAS (Monthly)	Lodge & pay	21st of following month	Same as above
Company Tax Return	Lodge & pay	31 Oct (self), 15 May (via agent)	Same as above
ASIC Review	Pay annual fee	Company anniversary	$340 fee; $100 late (<1 mo), $415 (>1 mo)
ASIC Changes	Notify changes	Within 28 days of change	$100 late (<1 mo), $415 (>1 mo)
Superannuation	Pay SG	28 Oct, 28 Jan, 28 Apr, 28 Jul	SGC: 10% p.a. interest, $20/employee/quarter, not tax-deductible
STP Reporting	Report payroll	On or before each payday	$210 per 28 days late (small), up to $1,050
STP Finalisation	Finalise payroll	14 July	Same as above
TPAR	Lodge report	28 August	$330 per 28 days late (small), up to $1,650

Summary 2: Compliance Timetable by Month

Month	Key Compliance Deadlines (Each Year)	Penalties/Fees (as at 1 July 2025)
January	28 Jan – Superannuation (Q2)	SGC if late
February	21 Feb – BAS (monthly), 28 Feb – BAS (Q2)	$330 per 28 days late (small)
April	21 Apr – BAS (monthly), 28 Apr – BAS (Q3), Super (Q3)	Same as above
July	14 Jul – STP Finalisation, 21 Jul – BAS (monthly), 28 Jul – BAS (Q4), Super (Q4)	SGC if late, $330 per 28 days late (small)
August	21 Aug – BAS (monthly), 28 Aug – TPAR	$330 per 28 days late (small)
October	21 Oct – BAS (monthly), 28 Oct – BAS (Q1), Super (Q1), 31 Oct – Company Tax Return (self-lodgement)	SGC if late, $330 per 28 days late (small)
November	21 Nov – BAS (monthly)	$330 per 28 days late (small)
December	21 Dec – BAS (monthly)	$330 per 28 days late (small)
Ongoing	ASIC annual review (company anniversary), Notify ASIC of changes (within 28 days), STP reporting (each payday)	$340 fee; $100/$415 late

All penalty amounts, fees, and interest rates listed above are current as at 1 July 2025. For tailored advice, or if you need help managing your compliance, please contact our team.

Changes to personal tax rates announced by the federal government

Tue, 30 Jan 2024 12:17:00 +1100

Changes to personal tax rates announced by the federal government

The federal government has announced an overhaul of the previous Coalition government stage 3 tax cuts and introduced various changes in the personal tax rates that apply from 2024-25 income year and onwards.

Changing the original course of action, as announced by the previous Coalition Government, the new tax changes aim to focus on the low and middle income earners to help with the cost-of-living pressures.

The following changes have been announced to the personal tax rates:

- the lowest rate of income tax will be reduced form 19 cents in a dollar, down to 16 cents, this means a taxpayer earning $50,000 per year will receive a tax cut worth over $900 a year.

- the second tax rate will be cut from 32.5 percent down to 30 per cent and that will apply to an annual income of up to $135,000.

- The 37 per cent rate will be retained and will now apply from $135,000 - an increase up from $120,000.

- In the first increase since 2008, the threshold for the top tax rate of 45 per cent will also be increased. It will now kick in at $190,000, up from $180,000.

You will roughly receive the following tax cuts, based on your annual income:

Income (per annum)Annual tax cut

$45,000 $804

$75,000 $1,154

$100,000 $2,179

$150,000 $3,729

Other matters

In addition to changing the tax rates and thresholds, the Government will also increase the low-income Medicare threshold and exempt more low-income earners from the 2% Medicare levy charge, it is yet to be seen if this increase will be the usual increase by consumer price index (CPI) or more.

A 12-month long price enquiry will be conducted by the Australian Competition and Consumer Commission (ACCC) to scrutinise the supermarket pricing and the difference between farmgate and retail pricing shoppers end up paying.

Please note, the proposed changes are currently in the announcement stage and require parliamentary approval to become law.

Contact us

We can help you work out the exact tax cuts you may receive based on your current or expected annual income post 1 July 2024.

Please feel free to contact our office if you have any queries in relation to this matter.

Tax deductions to be denied for interest charged by the ATO

Tue, 23 Jan 2024 15:15:00 +1100

Tax deductions to be denied for interest charged by the ATO

After 1 July 2025, a proposed amendment to the tax law will mean that deductions will be denied for ATO interest charges — specifically the general interest charge (GIC) and shortfall interest charge (SIC) — incurred in income years starting on or after 1 July 2025.

Both GIC and SIC are currently tax-deductible for all entities, removing the deduction is intended to encourage entities to correctly self-assess their tax liabilities and pay on time.

The ATO also imposes a late payment interest, which is not tax deductible and excluded for the purpose of this announcement.

The ATO imposes interest in specific situations, including:

- late payment of taxes and penalties

- an increase in tax liability as a result of an amended assessment

- an increase in other tax liabilities, such as goods and services tax or pay as you go amounts.

Deductibility

A tax deduction can be claimed for the GIC and SIC that is imposed by the ATO in the year the interest charge is incurred, this depends on when the taxpayer actually becomes liable for the interest.

The amount of interest charged is normally pre-filled on the tax return.

This tax deduction will be denied for any ATO interest incurred by taxpayers on or after 1 July 2025.

Next steps

This is a 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO) measure and will come in effect from 1 July 2025, it may be crucial to account for the non-deductibility of ATO interest in the coming years.

We can assist you in managing your tax liabilities in a timely manner or engage with the ATO on your behalf to avoid interest and penalties.

Please contact our office if you have any queries in relation to this matter.

Changes proposed for DGR status and charitable giving rules

Fri, 19 Jan 2024 14:34:00 +1100

Changes proposed for DGR status and charitable giving rules

The Federal Government released a draft report that proposes policy reforms to incentivise philanthropy and increase outcomes for donors, charities and taxpayers.

Several reforms to the administration and oversight of organisations with deductible gift recipient (DGR) status also came into effect on 1 January 2024.

The Productivity Commission released a draft report reviewing philanthropic giving in Australia and recommended various reforms.

Tax deductible gifts and donations

Tax incentive for donating

Individuals who donate more than $2 to an entity with DGR status and have taxable income can claim a 100% tax deduction for their donation. The draft report found that a full tax deduction is an effective mechanism for encouraging donations and does not need to be changed substantially.

DGR-endorsed entities reform

The process for obtaining DGR status has been streamlined for organisations applying under 4 unique DGR registers

As of 1 January 2024, the ATO administers the total 52 categories under which an organisation may be eligible for endorsement as a DGR entity.

This reform is expected to reduce the time to obtain DGR status for organisations from up to 2 years to around one month.

Impact on education providers

The draft report outlines a number of concerns around school building funds, including its position that donors may be able to convert tax deductible donations to private benefits. Donations may reduce the cost of school fees. As donors are likely to have children at the school, this might be considered to be a private benefit. Accordingly, the Commission recommends that school building funds no longer be eligible for DGR status.

Impact on religious charities

If the draft report’s recommendations are approved, churches and other religious organisations that currently have a school building fund would lose their DGR status. The draft report also proposes to remove the DGR category for religious education in government schools.

Basic religious charities The draft report also proposes that the concept of basic religious charity be removed so that all charities are subject to the same ACNC governance and reporting requirements. This would mean that charities that are currently basic religious charities would be required to comply with the ACNC’s governance standards and provide financial information in their annual information statements. Depending on their size, they may need to submit financial statements that have been audited or reviewed.

Next steps

This report is currently in draft form and is open for consultation. We will keep you informed about any changes that are brought by the report once it is finalised.

In the interim, please reflect on the matters raised by this report and reach out to us if you would like to discuss further on how these proposed changes might impact you.

Large superannuation balances will have tax concession removed

Thu, 04 Jan 2024 22:40:00 +1100

Large superannuation balances will have tax concession removed

The federal government has tabled draft legislation to change tax concessional treatment for very large superannuation account balances. The tax concessional status will change for individual's with over $3 million in their total superannuation balance (TSB).

Effectively, the amounts held in superannuation above $3 million will have that portion's earnings taxed at up to 30%, instead of the current 15%. This new tax rate will apply from 1 July 2025.

How will this work?

From 1 July 2025, if your TSB is over $3 million the ATO will issue an assessment for the additional tax after year end. The tax will be calculated on the difference between your TSB for each income year, adjusted for withdrawals and contributions.

It is the proportion of earnings above $3 million that will be subject to the additional 15% tax. As the tax is calculated on your TSB, this will include unrealised movements on your investments.

From 1 July 2026, the ATO will issue you a notice of assessment for the additional tax once they have calculated your TSB. This will be after your superannuation funds have made their annual tax lodgments. From the date of issue, you will have 84 days to make a payment. The notice will be issued to you personally, making you liable as an individual. You will have the option to pay the additional tax personally or alternatively obtain a release from one of your superannuation accounts to effectively make the payment out of super.

Pensions and the transfer balance cap

Currently, amounts held in superannuation above your transfer balance cap are kept in accumulation phase and taxed at 15%.

This will continue to apply after 1 July 2025, except if your total account is over $3 million. If your account is over $3 million, then that portion will be taxed at up to 30% rather than 15%.

For example, assume you have a TSB of $5 million on 30 June 2025, which grows to $5.5 million on 30 June 2026. As part of your pension, you withdraw $100,000 and a further $100,000 as a lump sum from your accumulation account.

Your end of year TSB is adjusted according to the new law, being the calculation of $5.5 million plus the $200,000 withdrawn; $5.7 million.

Your taxable superannuation earnings for the year is $700,000, being your adjusted TSB of $5.7 million less your opening TSB of $5 million.

The proportion of your earnings that is subject to to the additional tax is 47.37%, being ($5.7 million - $3 million) / $5.7 million.

The additional tax liability under the proposed new law is $49,738.50, being 15% x $700,000 x 47.37%.

The Commissioner of Taxation will then issue you an assessment to pay the additional $49,738.50 and you will have the choice to either make this payment from your superannuation account or personally.

What can I do?

As this announcement states that any new law will not take effect until 1 July 2025, you have 18 months to determine the appropriate action to take. Each action will be different and must be based on your personal and financial situation, but available actions may include the following:

    - Do nothing and leave the large balance in superannuation with a tax rate of up to 30% on earnings.
    - Pay a lump sum (at varying tax rates) to yourself for private investment (individually or in a company).
    - Realise assets prior to the commencement of the new law, taking advantage of lower tax rates for a portion of the gain.

Remember, if you intend to transfer funds outside of the superannuation system you must first meet a condition of release. Also, other factors such as succession and estate planning may need to be re-visited, especially with regard to any enduring power of attorneys that you have in place.

At this stage, the legislation has not passed through the parliament and is currently being debated. As a result, it is subject to change. However, you may still like to review your current situation to make a plan if this legislation is passed as originally written. If you would like to discuss this further, please do not hesitate to contact our office and set up an appointment.

Sharing economy reporting regime - ATO finalises exemptions

Fri, 15 Dec 2023 15:58:00 +1100

Sharing economy reporting regime - ATO finalises exemptions

Amendments to the tax administration legislation now requires operators in the sharing economy to report income earned by sellers on their marketplace. This is based on the ATO’s determination that income earned on these platforms is a high-risk for non-compliance with tax obligations.

The taxpayers that are required to comply with this reporting regime are operators of:

- taxi travel (including ride-sourcing/ridesharing) - from 1 July 2023
- short-term accommodation - from 1 July 2023, and
- asset sharing, food delivery, tasking-based services and all other supplies - from 1 July 2024.
From these dates, income you earn from these platforms is/will be reported directly to the ATO as assessable income to be included in your tax return.

Based on other data reporting systems, information which is generally included in the reports is your name, ABN, address, gross income and any GST you should be reporting. If this information is currently incorrect with these platforms you operate within, we suggest that you update your information promptly.

Reporting exemptions

As per two determinations finalised by the ATO, Tthe following transactions are exempt from reporting (eligibility criteria applies):

First year of operations – if in the first year of operation and under $1 million in transactions (pro-rated).

Substantial property – the transaction involved the provision of consideration relating to a substantial property, like hotels and other forms of traditional short stay accommodations.

Listed companies –if the operator is a listed company or a wholly-owned subsidiary of a listed company.

Accommodation outside the indirect tax zone – The transactions that generally have no Australian income tax or GST consequences or there is not enough information to support that the supplier is a resident of Australia.

Extension of time where exemption not relied upon - as per F2023L01639, where the exemptions (discussed above) are not relied upon for a reporting period ending on or before 30 June 2024, the report must be submitted with the ATO on:

- 29 February 2024 - for reporting period ending on 31 December 2023
- 2 September 2024 - for reporting period ending on 30 June 2024

Contact us

If you would like to know more about these developments, please feel free to contact us. We would be happy to help you through allyour necessary criteria and obligations.

Payroll tax updates for medical practices

Tue, 28 Nov 2023 16:04:00 +1100

Payroll tax updates for medical practices

Revenue authorities in Queensland, South Australia, Victoria and NSW issued harmonised rulings that may subject many medical practices to payroll tax on practitioner payments.

The rulings implied that payroll tax is likely to apply to payments made by medical practices to medical practitioners under the relevant contracts (new and existing) payroll tax provisions.

The rulings provided clarity on the harmonised official position of revenue authorities across various jurisdictions and that payroll is not just payable on employees but may also be payable on contractor doctors.

Relevant contracts

The rulings expanded the meaning of a relevant contract to include all agreements that can be characterised as a contract for the performance of work. Previously, generally only payments that were directly referrable to services rendered were treated as being subject to payroll tax.

The rulings have determined that if a medical centre engages a practitioner to practice from its premises, or if it provides patients with access to the medical services of a practitioner, a relevant contract likely exists.

Exclusions

Certain exclusions may still apply:

- the practitioner providing services to the public generally (e.g. if the practitioner provides services to more than one medical practice)
- the practitioner performing work for no more than 90 days in a financial year
- services performed by two or more persons (e.g., a practitioner personally providing a nurse or assistant).

State based concessions

Certain concessions have been announced/offered in ACT, SA, QLD and NSW which we briefly outlined below:

- ACT – payroll tax on payments made to GPs is waived till 30 June 2023 with the compliance deadline extended to 2025. An exemption is also available for GP payments for practices which bulk bill 65 percent of all patients and have registered for MyMedicare, ending 30 June 2025. Applications must be submitted with the ACT Revenue by 29 February 2024

- SA – An amnesty is available on GP payments till 30 June 2024 for designated medical practices that make a voluntary disclosure and register for payroll tax if necessary. Medical practices must comply with payroll tax obligations post 30 June 2024.

- QLD – An amnesty is available on GP payments till 30 June 2025 for medical practices that make a voluntary disclosure prior to 30 June 2025 and register for payroll tax if necessary.

- NSW – the Office of state revenue has a put a pause on audits of medical centres for 12 months, ending 4 September 2024 any interest and penalties accrued will also be put on hold.

Please note, the amnesties in QLD and SA are not automatically available, only the medical practices that successfully submitted expressions of interest before cut-off date (submissions now closed) will have the amnesty period for which the payroll tax will not apply to payments made to contracted GPs.

Northern Territory and Tasmania have not yet issued a revenue ruling on this matter, and any amnesty arrangements are also unclear. With respect to Western Australia, the payroll tax legislation does not contain relevant contract provisions, therefore these arrangements may not be subject to the same scrutiny.

Next steps

Developments in payroll tax in recent years have made it clear that contracts with contractor doctors may be deemed a relevant contract under legislation, and money paid to the contracted doctor may qualify as wages for the purpose of payroll tax.

Contact us and we can assist you in reviewing your current arrangements, any potential payroll tax liabilities and suggest changes if required.

Safe harbour for applying prior year deferred losses extended

Fri, 24 Nov 2023 23:07:00 +1100

Safe harbour for applying prior year deferred losses extended

As per practical compliance guideline PCG 2022/1, sole traders and partners in a partnership may be able to utilise a safe harbour to deduct non-commercial losses against other assessable income. This safe harbour has now been extended to apply for 2023–24 income year.

The PCG bypasses the Commissioner's discretion under the non-commercial loss rules (Div 35, ITAA 997), where a business has been directly affected by floods, bushfires or the COVID-19 pandemic.

Conditions for safe harbour

The safe harbour applies for various disasters, provided that the business satisfies the income requirement (s 35-10 (2e)), and the business has not applied for Commissioner’s discretion in a PBR. The applicable event meant that the business was not able to be carried on or had a significant reduction in trade or customers.

To qualify for the safe harbour in a relevant income year, the taxpayer must have made a tax profit from the business activity in the immediately preceding income year.

The safe harbour applies for the 2019–20, 2020–21, 2021–22, 2022–23 and 2023–2024 income years.

Next steps

The safe harbour applies to prior income tax years, and therefore it is prudent to review any deferred tax losses.

If a deferred tax loss is present, and the safe harbour can be applied, you should also review whether the deferred loss will actually be used in a future income year. If a deferred loss will be subsequently utilised, it may be efficient for the client to leave the lodgments as is and not resort to amendments.

Some taxpayers may be outside of their 2-year amendment window to apply the safe harbour. For example, they may have received their 2021–22 tax assessment on 31 August 2022. In this instance, the taxpayer is required to lodge an objection with the ATO.

Contact us

If you would like us to complete an amendment on your behalf, please do not hesitate to contact our office.

The ATO agent nomination process

Mon, 30 Oct 2023 16:15:00 +1100

The ATO agent nomination process

Because you are a new client, or your existing service arrangement with us has changed, you will need to nominate us as your official agent with the ATO - so that we can efficiently manage your tax and super affairs.

The ATO agent nomination process

To protect the security of your tax and super information, the ATO is introducing a new process to ensure that only your authorised tax agent, BAS agent or Payroll service provider can access your account and act on your behalf.

This process does not currently apply to individual taxpayers or sole traders. And only applies when you engage or change an agent or change the authorisations you give your existing agent.

The [ATO Agent Nomination Process] (https://www.ato.gov.au/business/bus/agent-nomination-process/) protects your business and means only your nominated registered agent will:

- have access to your information
- perform tasks on your behalf, such as lodging your tax return.
By nominating us as your official agent, access your account and act on your behalf for matters relating to:

- companies including strata title bodies
- partnerships
- trusts
- not-for-profits
- joint ventures
- cooperatives
- self-managed super funds (SMSFs)
- APRA-regulated superannuation funds.

We can efficiently manage your tax and super affairs, providing you with expert guidance and support throughout the process.

We can help and guide you through the steps to nominate us as your official agent. The following guide has easy steps to follow. (If you have not already set up access to Online Services for business, you’ll need to do this first). We cannot do this on your behalf but we can assist you through the process if needed - or contact the ATO for technical help with your myGov account.

Client-Agent Linking Steps - The ATO Guide

If you have any questions or need assistance with the nomination process, or anything else, please get in touch. We are here to help and will ensure your financial affairs are handled with expertise and care.

Outstanding tax debts? ATO warns about disclosure to CRAs

Wed, 18 Oct 2023 15:26:00 +1100

Outstanding tax debts? ATO warns about disclosure to CRAs

The ATO has shifted its focus from providing assistance with tax through the pandemic to now re-establishing the culture of businesses paying their tax debts on time.

Beginning from July 2023, The ATO has issued notices of intent to disclose business tax debts of more than 22,000 businesses with a tax debt of at least $100,000 that is overdue by more than 90 days, to credit rating agencies (CRAs).

Disclosure of business tax debts

The ATO may report your business tax debt if it meets the following criteria:

- you have an ABN and your business in not an excluded entity
- you have one or more tax debts and at least $100,000 is overdue by more than 90 days
- you are not engaging with the ATO to manage your tax debt
- you don't have an active complaint with the Inspector-General of Taxation Ombudsman (IGTO) about our intent to report your tax debt information.
The Commissioner has urged taxpayers, with outstanding debts, to engage with the ATO to not risk their business’s tax debts becoming visible in credit rating checks.

Intent to disclose notice – next steps

Section 255-15 of the Tax Administration Act 1953 empowers the Commissioner to enter into an arrangement with an entity which has, or which is expected to have, a tax-related liability, whereby the entity may pay the liability by instalments.

Businesses need to pay their debt or enter into an appropriate payment arrangement within 28 days of when the intent to disclose notice was issued to prevent disclosure.

In October 2023, more than 9,000 businesses are expected to have their debts disclosed and the ATO expects to issue 50,000 notices of intent to disclose by the end of 2023–24 financial year. A disclosed debt can impact your business’s ability to receive finance and your business may also lose suppliers.

Contact us

If you have received a notice of intent or have a tax debt of $100,000 or more that is overdue by more than 90 days, we can assist you in engaging/re-engaging with the ATO and help create an arrangement or payment plan that best suits your current and future financial position.

Should you have any other queries, please feel free to contact our office.