Tax Facts

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Tax Facts

In today’s ever-changing market the complexity in providing the most appropriate Accounting and Tax advice is paramount. Every business in every range of profitability requires financial reporting that can be the basis of their growth and ultimate success. We provide accounting services designed for both the expected and the unexpected, guiding our clients through the full range of tax planning strategies that minimize liabilities. Our expertise, experience, analysis, allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.

Our services include but are not limited to…

    Tax Facts - Tax Payer Penalties

    Tax payers 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 outstanding amounts are due to the ATO.
    Failure to lodge on time penalty (FTL) - Administrative penalty which may be applied if you fail to lodge a return, statement, notice, or another document with the ATO by the required 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 tax payer is audited and an amended assessment is raised, further penalties of up to 75% of the additional tax levied may be applied.