ATO Compliance Penalties
Definition
Failure in compliance audits due to poor data retention in IT systems results in ATO penalties for late or incorrect BAS and STP reporting.
Key Findings
- Financial Impact: AUD 1,110+ per BAS failure; up to AUD 20,000 for repeated STP non-compliance
- Frequency: Quarterly BAS; monthly for larger firms
- Root Cause: Manual data handling and inadequate retention in IT systems
Why This Matters
The Pitch: IT System Data Services players in Australia 🇦🇺 waste AUD 20,000+ annually on compliance audits. Automation of data retention eliminates this risk.
Affected Stakeholders
CFO, Compliance Officer, IT Manager
Deep Analysis (Premium)
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
Fair Work Audit Fines
Superannuation Reporting Delays
IT Audit Remediation Costs
Data Breach Reporting Fines
Backup Failure Downtime Costs
DRaaS Market Gap Losses
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