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Failure to Lodge Penalty - Are you at risk?

A failure to lodge (FTL) penalty is a penalty which may be applied where you are required to lodge a return, statement, notice or other document with the Tax Office by a particular day and you fail to do so. FTL penalty may be applied on documents that are lodged late or on documents that are outstanding.
The amount of FTL penalty is calculated at the rate of 1 penalty unit (currently valued at $110) for each period of 28 days, or part thereof, which a document is overdue up to a maximum of 5 penalty units.
Size tests also apply. Taxpayers classified as medium entities will have the penalty amount multiplied by a factor of 2 and entities classified as large by a factor of 5.
Stay up to date with the ATO and save $$$

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