Australia’s revenue system relies on taxpayers provided that correct information to set up their tax liability and paying the correct amount of tax on time.
To ensure the system is fair for everyone:
- General Interest Charge is applied to an unpaid tax liability from the date it was due to be rewarded until it and the accrued interest charges are paid
- Shortfall Interest Charge is applied where an added amount of tax is payable because of an amended assessment
- Penalties are imposed for conduct such as not taking logical care in claiming a deduction to which you are not entitled, or making a false or misleading statement.
The interest charges are planned to ensure that taxpayers who underpay their tax for a period don’t receive an advantage over those who have paid their tax on time, and to pay off the community for the impact of late expenses.
The penalty provisions are planned to encourage taxpayers to take reasonable care in complying with their tax obligations.
The law provides ATO with the flexible power to remit (partially or in full) interest charges and penalties in certain circumstances.
GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on firstname.lastname@example.org we will check your employment history from ATO records, personal visit available at tax refund on spot.
We also have our separate department for Home loan, refinancing, car & truck loan.