Anyone got any idea on the penalty if you get caught not declaring income? Is there a fine or just repay what you owe. Asking for a friend.
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Anyone got any idea on the penalty if you get caught not declaring income? Is there a fine or just repay what you owe. Asking for a friend.
Anyone got any idea on the penalty if you get caught not declaring income? Is there a fine or just repay what you owe. Asking for a friend.
Anyone got any idea on the penalty if you get caught not declaring income? Is there a fine or just repay what you owe. Asking for a friend.
I usually end up with a bill. In fact for the last few years I've been put on quarterly instalments, because one year the bill was quite large (around $6 from memory). That year a large portion of the fairly low income came in through an ABN, so was not taxed on receipt, and there was some bank interest back in the day when interest rates were not at crisis levels. I've been on instalments ever since.I know all that. But I am talking about people like me who have worked for the whole financial year, and can still come out of it with over a thousand dollars! If one more of those people tell me they have claimed dry cleaning expenses (which they are not entitled to) or travelling expenses (which they are not entitled to) I swear I am going to tell the 'audit fairy' to visit them!
Honest mistake, yes, provided you can show due care was taken.Honest mistake usually means just repay + interest from memory
False or misleading statement penalty – shortfall amount
[snip]
- Failure to take reasonable care: The base penalty is 25% of the shortfall amount. Generally, you fail to take reasonable care if you have not done what a reasonable person in the same circumstances would have done.
The maximum penalty for offences against sections 134.1(1), 134.2(1) and 135.4(3) of the Criminal Code is 10 years’ imprisonment.