When can the ATO issue a default assessment for overdue lodgements

http://blog.revolutionadvisors.com.au/when-can-the-ato-issue-a-default-assessment-for-overdue-lodgements/

A default assessment is an assessment of taxable income for overdue tax returns or the net amount or assessable amount-for late activity statements. Although the ATO’s preferred approach is to work with taxpayers to help them meet their lodgement obligations, a default assessment will be issued if this collaborative approach fails. PenaltyThe administrative penalty of […]