Originally announced in the 2018–19 Federal Budget, and now set out in draft legislation, are newly introduced accountability measures for ABN holders.
Once in effect, this will mean you will have to:
Currently, there are no registration penalties for ABN holders when it comes to lodging tax returns. That is, you can continue to quote an ABN regardless of whether you have lodged outstanding returns.
The regulator will now have the ability to cancel your ABN if you have 2 or more outstanding income tax returns for income years commencing on or after 1 July 2022. Also, the regulator will be able to cancel your ABN if you do not confirm the accuracy of your ABN details in an annual form on or after 1 July 2024.
If your ABN gets cancelled by one of these measures, the registrar must reinstate your ABN once the outstanding items have been resolved.
Now would be a good time to review your ABN details along with any outstanding tax compliance requirements that you may have ahead of the possibility of this draft legislation being introduced and becoming law.
If you wish to discuss the contents of the draft legislation further or any outstanding tax compliance, please do not hesitate to contact
our office.
Accountant
WDF Accounting and Advisory | Accountants Wagga | Your partners in business
Providing carefully tailored accounting solutions in business advisory, tax compliance, bookkeeping, Self-Managed Super funds, and more.
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