Australia is introducing stiffer penalties for large corporations that late-file documents.
Australia's new penalties will target members of global groups that have an annual global revenue of at least AU$1 billion (approximately USD $750 million). The increased penalties will apply to documents due after June 30 2017, and affected documents will include returns, statements or other approved forms for income tax, goods and services tax and fringe benefits tax (e.g., income tax returns, country-by-country reports and financial statements).
Penalties will range from AU$105,000 up to a maximum of AU$525,000 depending on the number of days overdue.
Companies will not suffer a penalty for a first offense, instead they will receive a 'reminder'. However, taxpayers should not expect any deadline extensions from Australia and base penalty amounts for 'culpable behaviour' could be up to two-times higher.
Although there are guidelines for a possible remission of the penalties, the circumstances for remission are restricted.
For more information, contact your KPMG adviser.
Information is current to June 6, 2017. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500