Senior Business Accountant and Tax Agent Farid has over 26 years of experience working with businesses as a specialist business accountant and tax planning senior advisor. Farid has been qualified as an accountant since 1993 and continues to undertake ongoing professional education and development.

When can the ATO issue a default assessment for overdue lodgements

A default assessment is an assessment of taxable income for overdue tax returns or the net amount or assessable amount-for late activity statements. Although the ATO’s preferred approach is to work with taxpayers to help them meet their lodgement obligations, a default assessment will be issued if this collaborative approach fails. PenaltyThe administrative penalty of…