Tax Facts - Tax Payer Penalties

Taxpayers who do not meet their tax obligations may face penalty or interest charges. To avoid such charges, you should pay the full amount of tax you owe by the due date.

The main charges for failing to meet tax obligations are:

• A general interest charge (GIC) applies to a variety of situations, including outstanding amounts due to the Tax Office.
• A failure to lodge on time penalty (FTL) if a return is not filed by the due date.