What happens if im 2 days late with payment for tax return, any consequences ?

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 · Accepted Answer

AnitaATO · Answer

Hey , Paying your income tax late even for 2 days may incur some general interest charges (https://www.ato.gov.au/general/interest-and-penalties/interest-we-charge/general-interest-charge/). GIC is calculated on a daily compounding basis on the outstanding amount. If you're not able to pay your debt on time then you may like to consider entering into a payment plan (https://www.ato.gov.au/General/Paying-the-ATO/Help-with-paying/Payment-plans/).

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