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. This measure is not yet law. Penalising large taxpayers that mischaracterise or undervalue interest or dividend payments, to which withholding tax would otherwise apply, starting...