Taxpayers should provide correct information to establish their tax liability and pay the correct amount of tax on time since Australia’s revenue system is totally dependent on it. For making sure that the system is fair for everyone; Penalties- If anyone is not taking reasonable care in claiming a deduction...

Australia’s revenue system relies on taxpayers providing correct information to establish their tax liability and paying the correct amount of tax on time. To ensure the system is fair for everyone: general interest charge is applied to an unpaid tax liability from the date it was due to be paid...