The Australian Taxation Office has issued a release on amendments to strengthen the penalty and shortfall interest charge provisions.
---
Changes to strengthen penalty and shortfall interest charge provisions.
On 18 December 2024, as part of the 2024–25 Mid-Year Economic Fiscal Outlook, the Government announced it will amend the tax law to strengthen Australia’s current tax penalty regime by:
- Ensuring tax scheme penalties apply where taxpayers are in a loss position, from 1 July 2026. …