Late filing penalties: How much is the penalty?
Penalties on income tax returns, employer monthly schedules and GST returns
Income tax returns
The amount of a late filing penalty depends on your net income. Net income is gross income less allowable deductions, before any net loss offsets. If you have not filed your return yet, the penalty is based on the amount of net income shown in your previous year's return. When you file the late return the penalty will be adjusted in line with the actual net income figure shown on that return.
| Net income | Penalty |
|---|---|
| Less than $100,000 | $50 |
| $100,000 to $1 million | $250 |
| More than $1 million | $500 |
Employer monthly schedules
The late filing penalty is $250.
GST returns
The late filing penalty is dependent on your accounting basis at the time the return is due. If you are on the:
- payments basis, it will be $50, and
- hybrid, or invoice basis, it will be $250.
Date published: 30 Aug 2006
Back to top
