Hey there small business owners! The clock is ticking on a great chance to fix your late tax filings. Lots of businesses have already taken advantage, and now it’s your turn! Let’s break down what this Lodgment Penalty Amnesty is about and why you should act fast.
Who Can Benefit:
If your business is on the smaller side with less than $10 million in yearly earnings when you were supposed to file, and you missed filing your taxes or other important forms between December 2019 and February 2022, this is for you. Just make sure you file between June 1 and December 31, 2023.
Who Can’t Join:
Unfortunately, this deal isn’t for you if you’re a big shot with more than $5 million in personal wealth or part of a private group. But if you fit the criteria, keep reading!
Good News for Directors:
If you’re a director and you catch up on your company’s filings, you can eliminate the late fees. This also applies if your taxes depend on your company filings. Just make sure you file between June 1 and December 31, 2023.
If you end up owing money, it’s best to pay it all at once. But if money’s tight, you might be able to set up a plan to pay over time. Just be sure to start with a bit upfront and finish as quickly as you can.
Get Some Help:
Tackling taxes can be confusing. If you’re getting caught up or need a payment plan, think about getting help from a tax pro. They know the ropes and can guide you through it.
Time’s running out! Don’t miss this chance to fix your late taxes and get some relief. Act now, meet the requirements, and file before December 31. And if you’re feeling a bit lost, a tax pro can make things a whole lot easier. Don’t let this opportunity slip away—make your financial future brighter today!