On 15 March 2017, the Australian Taxation Office (ATO) published an update on increased penalties for multinationals with group consolidated income of AUD 1 billion or more (Significant Global Entities - SGE). The increase will apply from 1 July 2017 for administrative penalties for statements and failure to lodge on time (FTL) penalties, and according to the update, will affect almost 5,000 entities.
Administrative Penalties for Statements
The penalties for statements for SGEs will be do…