ARTICLE · 29 JUNE 2023

Getting statutory obligations with the ATO back on track

Cathro & Partners

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Two options to help businesses meet their statutory obligations and mitigate the risk of insolvency.

AustraliaTax

Cathro & Partners

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Businesses that are unable to pay their statutory debts with the Australian Taxation Office (the ATO) when they fall due may find themselves facing possible insolvency. In this article, we summarise two options available to help businesses meet their statutory obligations and mitigate the risk of insolvency.

The first step is to ensure that all tax lodgements have been made. The second is to be proactive and take the necessary steps to pay statutory debts, including, if necessary, under an approved payment arrangement.

ATO lodgement amnesty program

The ATO has recently introduced a lodgement amnesty program to help small businesses get their tax lodgements back on track. The amnesty program started on 01 June 2023 and is in place until 31 December 2023. Announced in the 2023-24 Budget, the amnesty program applies to overdue income tax returns, fringe benefits tax returns and business activity statements that were originally due between 01 December 2019 and 28

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