🇦🇺Australia

GST BAS Lodgement Penalties

1 verified sources

Definition

Floor plan financing involves frequent inventory turnover with GST-creditable acquisitions and mixed supply sales, requiring precise BAS reporting. Failure to lodge on time triggers ATO penalties.

Key Findings

  • Financial Impact: AUD 222 per late BAS lodgement + GIC at 11.50% pa; typical SME 4 late lodgements/year = AUD 1,000+ plus interest[LOGIC]
  • Frequency: Quarterly/monthly lodgements
  • Root Cause: Manual reconciliation of floor plan draws/releases with vehicle sales

Why This Matters

The Pitch: Wholesale Motor Vehicles and Parts players in Australia 🇦🇺 waste AUD 20,000+ annually on BAS penalties and rework. Automation of invoice reconciliation eliminates this risk.

Affected Stakeholders

Accounts Payable Clerk, Finance Manager, Dealership Accountant

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Financial Impact

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Current Workarounds

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

Superannuation Guarantee Shortfalls

200% of unpaid SG as SG Charge (e.g., AUD 1,150 shortfall = AUD 2,300 charge); typical dealership AUD 10,000+/year[LOGIC]

AML/CTF Floor Plan Financing Reporting

AUD 22M max civil penalty per breach; minimum AUD 4,400 for reporting failure[LOGIC]

PAYG Withholding Reporting Delays

AUD 1,100 per 28-day late PAYG statement + further for BAS integration[LOGIC]

Delayed Accounts Receivable Payments

AUD 3,000 per average invoice tied up (30+ days); collections agency fees post-7 business days overdue; storage fees for delayed delivery (e.g., 7+ days at reasonable rate)

AR Collections Agency Costs

Collections agency fees (typically 10-20% of debt value) after 7 business days overdue; e.g., AUD 300-600 on AUD 3,000 invoice

Storage Fees from AR Delivery Delays

Reasonable storage fees per vehicle (7+ days, e.g., AUD 50-200/day based on industry norms)

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