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Late Business Activity Statements (BAS) Penalties from 28 December 2012

The amount of FTL penalty is calculated at the rate of 1 penalty unit (currently valued at $170) 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. The size of an entity (for penalty purposes) is related to its assessable income, withholder status or current annual turnover.

Consequently, the longer you take to lodge a document after the due date the higher the amount of penalty that may be applied. The maximum amount of FTL penalty may be applied if the document is not lodged within 113 days of the lodgment due date.

The table below shows the amount of penalty applicable, by entity size, for the period that a document is overdue.

FTL penalty amount according to entity size
Days overdue Small Medium Large
28 days or less $170 $340 $850
29 to 56 days $340 $680 $1,700
57 to 84 days $510 $1,020 $2,550
85 to 112 days $680 $1,360 $3,400
113 days or more $850 $1,700 $4,250

Our dedicated team can assist you with all your accounting and GST related matters. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.

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The Quinn Group operates Quinn Consultants, Quinn Lawyers, Quinn Financial Planning and Quinn Financial Solutions. The Quinn Group provides related information in regard to legal, accounting and financial planning issues. Liability limited by a scheme approved under Professional Standards Legislation* *other than for the acts or omissions of financial services licensees.