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 kinds of charges for failing to meet tax obligations
are:
 |
A shortfall penalty where the
correct amount of tax is higher than the amount
you paid (eg, because of an understatement of tax,
or where the amount of a refund or loss is reduced).
|
|
A late payment penalty if you
post or deliver a payment to us after the date it
was due. |
| |
A late filing penalty if you
do not file a return by the due date. |
| |
Interest on the amount of tax
you owe if you have underpaid your tax. The interest
rates charged are based on market rates. |
|
EMS non payment penalties where
you file an employer monthly schedule but do not
pay the full amount payable on that schedule. These
penalties are in addition to any of the other penalties
that may also then be payable. |
For more information give us a call or refer to the
IRD's Obligations,
Interest & Penalties Guide
|
|
|
ACC Premiums
