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The Commonwealth Penalty Unit has Increased (Nov 24 Tax Update)

Relevant For:

Business owners and compliance managers seeking to understand updated penalties in tax and superannuation compliance.

Key Points:

  • Commonwealth penalty unit increase from $313 to $330, effective 14 days post royal assent.
  • Affects a range of offences, particularly failure to lodge on time, now up to $3,300 for SMEs with turnovers under $20 million.
  • Penalty units are subject to CPI indexation every three years.

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