Penalties and interest
The Taxation Administration Act 1996 provides penalties for knowingly giving false or misleading information. Substantial penalties can be imposed.
Payment must be received by the due date or interest will be imposed and calculated on a daily basis. Penalty tax will be imposed for deliberate underpayment.
This rate is 25 per cent of the levy but can be as high as 75 per cent if there is evidence of deliberate efforts to circumvent the law.
More information
Last updated: 09-May-2008
