Menu
Secure Client Login

Please enter your details below to login to our secure client area.
If you would like to register for access, click here.

Find out more about Secure Areas

   Secure Client Login   Site Search
Comprehensive Services for your business from day to day advice to complex Management & Tax matters.
You are here: Home > Business Resources > Tax Facts

Tax Facts - Tax Payer Penalties

Taxpayers who do not meet their tax obligations may face penalty or interest charges. To avoid these charges, ensure you pay the full amount of tax you owe by the due date.

The main charges for failing to meet tax obligations are the:

  • General interest charge (GIC) - applies to a variety of situations, whenever amounts owing to the Australian Taxation Office (ATO) are paid after the due date.
  • Shortfall interest charge (SIC) -  applies to a variety of situations where a tax liability is increased in an amended assessment
  • Failure to lodge on time penalty (FTL) - administrative penalty which may be applied if a taxpayer fails to lodge a return, statement, notice, or another document with the ATO by the due date.

Additional penalties include failing to:

  • Keep or retain required records
  • Retain or produce required declarations
  • Provide access and reasonable facilities to an authorised tax officer
  • Apply for or cancel GST registration when required
  • Issue a required tax invoice or adjustment note
  • Register as a PAYG withholder when required
  • Lodge a required activity statement electronically
  • Pay a required amount electronically

If a taxpayer is audited and an amended assessment is raised, further penalties of up to 75% of the additional tax levied may be applied, depending on the severity of the offence. Examples include making a false or misleading statement, not taking reasonable care, or taking a position that is not reasonably arguable in a tax return or other document.

Business Owners Free Telephone Consultation

What We Do...

Small Business Accounting

Business services underpin the work of organisations through Strategic Business Planning and process improvement.

More...

Specialist Services

Regular Financial Reporting focusing on your key performance areas to drive dramatic improvements to your bottom line.

More...

Taxation Services

Trusts, Companies, Family Businesses, Property Investors and Individuals. Income Tax, GST, Capital Gains Tax and Fringe Benefits Tax.

More...

 

Contact PMCA

Level 9, 440 Collins Street
Melbourne 3000
Location map
Phone : 1300 74 45 47
Fax: 1300 82 97 89
Send an enquiry
Request call back
Refer a friend