What is the penalty if I lodge my activity statement late?
The penalty for lodging the activity statement late is one penalty unit ($110) for each 28 day period, or part of a period, that the activity statement is outstanding, up to a maximum of 5 penalty units ($550). For a business with an annual turnover between $1 million but less than $20 million, the penalty is multiplied by two. For a large business with an annual turnover of $20 million or more, the penalty is multiplied by five resulting in a maximum penalty of $2,750. The Commissioner also has the discretion to remit this penalty. The circumstances of a business, such as the amount of tax payable, the past record of paying tax and lodging tax forms, and the effort made by the business in trying to meet its tax obligations, will affect whether penalties are remitted and the extent of the remission.
