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ATO announces proposed changes for small business penalties

The ATO has proposed changes to penalties for individuals and small businesses, including the removal of automatic penalties when inadvertent mistakes have been made in tax returns.

News Reporter 08 September 2016
— 1 minute read

Under the proposals, the ATO said under certain circumstances such as mistakes resulting from the failure to take reasonable care or failure to lodge on time, it will provide one chance before applying a penalty.

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H&R Block said if individuals or businesses subsequently make mistakes, however, they will receive a penalty.

They will still get a penalty if they acted recklessly or dishonestly, according to the firm.

“After a defined period of time – say three or four years – the clock will be reset and taxpayers will get ‘one chance’ again,” said H&R Block.

ATO announces proposed changes for small business penalties
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