Brief

"On 18/12/2024, the Australian Government announced amendments to strengthen Australia's tax penalty regime. The measures aim to improve tax compliance and integrity by addressing gaps in the current system." These changes include ensuring tax scheme penalties apply where taxpayers are in a loss position from 1 July 2026, penalising large taxpayers for mischaracterising interest or dividend payments from 1 July 2026, and extending the Shortfall Interest Charge to overclaimed refundable offsets starting from the first available date after Royal Assent.

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Australian Taxation Office (ATO)

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