If your tax debt includes a tax penalty and/or general interest charge (GIC) you can apply for a reduction or elimination of the tax penalty and/or GIC.
What types of tax penalties can be reduced?
The ATO issues tax penalties for several reasons, for example when a taxpayer has:
What factors will the ATO consider in reducing your penalty tax?
In what circumstances does the ATO remit GIC?
A partial or full remission of GIC may be available in one of the following circumstances.
How to reduce or eliminate your tax penalties and/or GIC?
Applying for a remission of interest is complicated. You will need the assistance of experienced tax experts such as Waterhouse Lawyers. We are a dedicated team of tax professionals, comprised of lawyers and accountants, including a former Director of the ATO, and a former Deputy Commissioner of Taxation.
We have over 75 years of combined tax experience taking care of complex matters. Our decades of experience enables us to help our clients effectively and efficiently, which saves you money on professional fees. To find out how we can help with your tax debt, contact us now.