The Australian Taxation Office (ATO) has published updated guidance on Penalties and Interest dated 21 August 2024. --- Penalties and interest Learn how penalties and interest are applied in different situations, including failure to meet tax obligations. Interest charges Tax laws impose interest charges from the date a tax liability was due to be paid until it and the accrued interest charges are paid. If a debt is increased by an amended assessment, interest charges also apply from the date the original assessment was due to be paid. This is intended to: ensure that taxpayers who have underpaid their tax...