Income tax return
The amount of late filing penalty depends on the net income of the business (as shown below). Normally the penalty is based on the net income of previous year and it will be adjusted when the taxpayer file the late return.
|
Net income |
Penalty |
|
Less than $100,000 |
$50 |
|
$100,000 to $1 million |
$250 |
|
More than $1 million |
$500 |
GST return
The amount of late filing penalty depends on the accounting basis for GST returns
|
Accounting basis |
Penalty |
|
Payments |
$50 |
|
Hybrid |
$250 |
|
Invoice |
$250 |
Employer monthly schedules (EMS)
The amount of late filing penalty for EMS is $250
Please note: These are related to LATE FILING only. There may be other interests and penalties charged.
Disclaimer: The following answer necessarily sets out general principles only. The facts of particular cases always need to be considered carefully, and it may be necessary to obtain advice from a tax expert.
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