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Re: Return Not Necessary for Significant Global Entities

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Will Significant Global Entities receive penalties if they fail to advise ATO about Return Not Neccessary for their income tax by the due date?

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Devotee

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Hi @tarachan 

 

Thanks for your question.  Penalties are applied on a case-by-case basis for non-lodgment and are dependent upon a number of factors. Notify us if lodgment is not required suggests that not advising the ATO might cause your client(s) some angst so it's probably better to submit the "Return Not Neccessary" form.

 

Regards

ATO Community
1 REPLY 1

Most helpful response

Devotee

Replies 0

Hi @tarachan 

 

Thanks for your question.  Penalties are applied on a case-by-case basis for non-lodgment and are dependent upon a number of factors. Notify us if lodgment is not required suggests that not advising the ATO might cause your client(s) some angst so it's probably better to submit the "Return Not Neccessary" form.

 

Regards

ATO Community