Michael George Fotios, the director of private resource company Delta Resource Management Pty Ltd, was convicted and fined $37,500 for failing to lodge five activity statements from 1 January 2016 to 31 March 2017.
He was also convicted of failing to provide information and documents to the ATO as required by notice. He was fined $7,000 on each of the two charges relating to this failure.
In total, Mr Fotios was fined a total of $51,500 across all seven charges in the Perth Magistrates Court after the magistrate considered his plea, financial circumstances, lodgement of relevant returns and compliance with the information-gathering notice.
The magistrate said due to the history of non-compliance and the seriousness of the offences, imprisonment was seriously considered as a sentencing option; however, the appropriate penalty was applied.
He described Mr Fotios’ non-lodgement and non-compliance as “contemptuous”.
With new laws introduced to deny an income tax deduction for certain payments if the associated withholding obligations have not been complied with, the on-time lodgement of BAS has been highlighted.
“The on-time lodgement of BAS is now even more important than ever, because a failure to lodge the BAS on time may result in a business permanently losing its tax deduction for wages paid,” BDO partner Mark Molesworth said previously.
The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day
TRENDING
