Find out who can sign the form and when penalties and interest apply.
The law requires that an authorised person signs this tax return. An authorised person for this purpose may be the public officer of the company or an agent duly authorised by the company.
Where an agent provides this tax return and accompanying information (where applicable), the company must prepare, and give to the agent, a signed declaration stating that:
- the company authorises the agent to give this tax return and accompanying information (where applicable) to the Commissioner, and
- the information provided to the agent for preparation of the tax return is true and correct.
The company must retain such a declaration or a copy of it for a period of five years.
The law imposes a penalty on a corporate tax entity that does not lodge this tax return by the due date. It also imposes a general interest charge on an entity that fails to pay FDT or OFT by the due date.
The Commissioner has the discretion to remit any penalty in whole or in part. If the entity considers the penalty should be remitted, a statement should be attached to this tax return explaining why remission should be granted.
The Commissioner also has the discretion to remit any general interest charge in whole or in part.
A request for the remission of the general interest charge should be made in writing, outlining fully the circumstances that led to the delay in payment.