ATO Penalty Changes
The ATO, courtesy of a legislation change in a bill passed in November, now has the power to levy vastly increased penalties against taxpayers for the late lodgement of forms. These are known as Failure To Lodge or FTL penalties.
They're levied in blocks of 28 days or part thereof (referred to a penalty unit) up to a maximum of 5 penalty units. The value of a basic penalty unit has been increased from $110 to $170, with multiples of the unit applying depending on what size taxpayer the ATO deems you to be.