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The ATO is issuing failure to lodge penalties to businesses who have not lodged prior year TPARs, or have been issued three non-lodgement letters in respect to overdue TPAR obligations in the past.
TPAR is often overlooked ahead of other tax obligations (income tax, indirect tax and employment taxes, amongst other tax matters) however it should be on the radar of businesses, especially those who fall under the definition of a Significant Global Entity (SGE). If you are an SGE, you could be liable for failure to lodge penalties of up to $687,500 per statement.
The ATO have indicated they are issuing penalty notices from 22 March 2023 to all businesses they believe should have submitted 2022 TPAR and prior years.
If you have not historically lodged TPAR reports in the past, now is the time to review your requirement to lodge a TPAR. Ensure you review your requirements to lodge if you provide services or are in the industries of (definition of industry type can sometimes be unclear):
Annual TPAR lodgements are due by 28 August every year.
Do you provide services in any of the industries above but are uncertain if you are required to lodge a TPAR? We can assist with the determination of your TPAR obligations.
Additionally, Grant Thornton have recently developed an in-house tool to ease with the lodgement of TPAR, without the requirement to complete forms and manual entry.
If you require any further assistance, please feel free to reach out to our specialists below or your usual Grant Thornton advisor.
New Payday Super legislation addresses concessional contributions cap issues for 2026/27, but salary sacrifice and early payments remain key concerns.
Draft legislation proposes the removal of the FBT exemption for electric vehicles, replacing it with a 25 per cent concession from 1 April 2027 or 1 April 2029 depending on vehicle value. Employers should assess the impact on salary packaging arrangements and existing EV commitments.
Are you a Director? Has your company met its PAYG, GST and Superannuation obligations? If not, you could be personally liable for these amounts.
