What documents does FTL penalty apply to?
FTL penalty is applied when the administration of the tax system is put at risk by taxpayers who do not meet their obligations to supply information as and when required. It is applied when an ‘approved form’ such as an: • activity statement • income tax return • fringe benefits tax return • pay as you go (PAYG) withholding annual report • annual goods and services tax (GST) return, or • annual GST Information report is required to be lodged with the Tax Office by a due date and is not received by that due date.
