A number of Next 5,000 privately owned and wealthy groups have entities with overdue lodgments for 2024 or earlier years. These lodgments include tax returns, self-managed superannuation fund annual returns, fringe benefits tax returns, and business activity statements (BAS).
We know that most of you want to get tax right and meet your obligations on time. That's why we provide a comprehensive online hub with the information you need to lodge properly and pay in full and on time.
If you don’t lodge, we take action, including:
- penalties for non-lodgment
- audits
- default assessments involving administrative penalties up to 75% of the tax-related liability
- retention of funds until you lodge overdue returns and BAS
- for SMSFs, a change of Super Fund Lookup status restricting rollovers and employer contributions, leading to penalties and ineligibility for SMSF tax concessions
- referral for prosecution, with convictions resulting in additional fines and even imprisonment for up to 12 months.
If you use a registered tax or BAS agent you need to tell them if:
- an entity within your group doesn’t need to lodge a return or BAS
- you’re experiencing difficulties lodging or paying on time for reasons beyond your control.
We encourage you to take prompt corrective action to ensure you get up to date with your tax obligations as soon as possible.
What we expect of registered agents
Registered agents for Next 5,000 private groups should:
- ensure their clients are registered for the correct roles
- review most recent lodgment dates for all entities within their client groups
- notify us if clients don't need to lodge or are experiencing difficulties with lodging and paying on time
- track clients' annual on-time lodgment performance via the lodgment program status function in Online services for agents
- clear outstanding lodgments as a first step when they take on new clients
- access lodgment information via the income tax and activity statement client reports available in the practitioner lodgment service.
We recognise that registered agents have a critical role to play in guiding their clients to ensure they stay up to date with their tax obligations.
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