Unpaid tax interest is imposed on a daily basis at the current rate of 15.76% on any unpaid portion of tax commencing on a specified date until the tax is paid in full. Unpaid tax interest does not accrue on amounts other than tax and is unaffected by the granting of an extension of time by the Commissioner for lodging documents, providing information or making payments.

Any payments made by the taxpayer will first be applied towards any outstanding unpaid tax interest prior to being applied towards outstanding tax liability. The Commissioner may fully or partially remit unpaid tax interest.

Additional information about UTI is available in the Revenue Rulings section, Frequently asked questions section, and also the Queensland Duties - a general guide brochure.

Also, the UTI Calculator, is accessible from the calculators webpage

Penalty tax is an administrative sanction imposed in specified circumstances. The rate of penalty tax is 75% but the amount on which penalty tax is calculated depends on the nature of the assessment. The Commissioner may also increase a taxpayer's liability for penalty tax by up to 20% if:

• the Commissioner is satisfied that the taxpayer has hindered or prevented the Commissioner from becoming aware of the nature and extent of the tax liability; or
• a taxpayer fails to notify the Commissioner that an assessment of the taxpayer's tax liability was made for an amount lower than it should have been.

Any payments made by the taxpayer will be applied towards any outstanding penalty tax before being applied towards outstanding tax liability. The Commissioner may fully or partially remit penalty tax.

Contact our Client Contact Centre for further information.