Lodge your Activity Statements on time
Did you know that if you do not lodge an Activity Statement on time you may be issued with a FTL (Failure To Lodge) penalty from the ATO?
The penalty amount varies depending on the size of your business to for how long the statement is overdue.
You may request for a remission for the penalty if you have a valid reason but why should you try your luck when you don’t need to?
So how do you make sure you lodge your Activity Statements on time? – read on for our handy tips!
Change the way you lodge your Activity Statements
If you are lodging via a paper form it will need to be sent many days before the actual due date. You also run the risk of it being lost in the post.
We recommend that if you are still lodging your Activity Statements by paper, you contact the ATO to request access to their online business portal.
The online business portal enables you to prepare, lodge & revise activity statements, view your Single Touch Payroll reports, update business registration details, access the Small Business Superannuation Clearing House, lodge various online forms, see your accounts and lodgements and much more.
To find out more about the ATO business portal click here.
By using the portal, the ATO can also send you notifications about your business, let you know when your next Activity Statements has been generated and when it’s due for lodgement.
Lodging your Activity Statements online is very simple and another benefit to lodging online is that you may also qualify for a two week lodgement concession (depending on your Activity Statements’ circumstances).
Note that not all Activity Statements qualify for the extension. To see if you are qualified click here.
Use a BAS/Tax Agent to lodge your Activity Statements
Your BAS/Tax agent should be sending you a reminder within the first week after your Activity Statement period ends and this should prompt you to make sure your books are all reconciled and in order.
You don’t want to leave your Activity Statement preparation too close to your lodgement due date as your BAS/Tax agent may require additional information from you and there can be unexpected delays.
Penalties charged by the ATO are not tax-deductible so it is in your best interest to lodge your Activity Statements on time.
Contact CrossCorp if you need assistance with your Activity Statement preparation!