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  • Reminder: penalty increases for significant global entities apply to all approved forms

    While applying failure to lodge penalties for significant global entities (SGEs), we have received feedback that some people are unaware that the increased penalties for SGEs apply to all form types.

    To avoid the increased failure to lodge penalties, SGEs need to ensure that all of their reporting obligations are lodged on time. The increased penalties are applicable to all approved forms, including but not limited to:

    • income tax returns
    • fringe benefits tax returns
    • activity statements
    • pay as you go (PAYG) withholding annual reports
    • country by country reporting
    • general purpose financial statements.

    We encourage all SGEs and their agents to review their reporting obligations and lodge on time to avoid failure to lodge penalties ranging from $105,000 to $525,000.

    If you are unable to meet your lodgement deadline due to exceptional or unforeseen circumstances, you should contact us to request a deferral as soon as you become aware you may miss your deadline.

    See also:

    Last modified: 03 Oct 2018QC 56922