• Property Investment

    Whether you are buying your first home, or looking to invest, we can advise on the best strategy, tax structure and source the best home loan for you.

    Read more
  • Taxation & Compliance

    Take the worry out of tax & compliance, let us take care of this, whilst you do what you do best, and have time out, to 'smell the roses' too...

    Read more
  • Superannuation & SMSF

    You're never too young or too old, to seek out the benefits or a SMSF, lets us show you how to grow your wealth today.

    Read more
  • Accounting & Business Advisory

    Do you know what is the best tax structure for your business? We do, the correct structures and strategies from the start, will ensure you get a head start.

    Read more
  • Wealth Creation & Wealth Management

    There is no such thing as a 'Silver Bullet' a happy retirement requires a plan ... and it's never too late, or too early, to plan.

    Read more
  • Specialist Advice

    We don't expect you to be an expert in anything but your business, for everything else, turn to us, 'Your Trusted Business Advisors'

    Read more
  • Xero

    Our accounting solutions for small business, allows you to do what you love, knowing that we are assisting you to manage your books, with the "world's easiest accounting software" try us...

    Read more
Return to List of 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.

Our Key Services

At Delphi Business Group we specialise in Small to Medium Businesses, Franchisee's, Tradies and Professionals and our practice has evolved to meet their needs.

Click here to view our list of key services
Client Resources

Click the links below to view our handy online tools and resources.

  Calculators
  Key Dates
Tax Facts
Internet Links

Our Location

Suite 11, Level 1.
5 Everage Street
MOONEE PONDS, VIC 3039

P. 1300 107 145
F. 1300 107143

Email
info@delphibusinessgroup.com

Send an Enquiry
Find us on the Map

Latest News