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TAXATION ADMINISTRATION ACT 1996 - SECT 27
Amount of penalty tax
27 Amount of penalty tax
(1) The amount of penalty payable for a tax default is, subject to this
Division-- (a) 25% of the amount of tax unpaid, or
(b) if the taxpayer is a
significant global entity within the meaning of the Income Tax Assessment Act
1997 of the Commonwealth--50% of the amount of tax unpaid.
(2) The
Chief Commissioner may increase the amount of penalty tax payable in respect
of a tax default to 75% of the amount of tax unpaid if the Chief Commissioner
is satisfied that the tax default was caused wholly or partly by the
intentional disregard by the taxpayer (or a person acting on behalf of the
taxpayer) of a taxation law.
(3) The Chief Commissioner may determine that no
penalty tax is payable in respect of a tax default if the Chief Commissioner
is satisfied that-- (a) the taxpayer (or a person acting on behalf of the
taxpayer) took reasonable care to comply with the taxation law, or
(b) the
tax default occurred solely because of circumstances beyond the taxpayer's
control (or if a person acted on behalf of the taxpayer, because of
circumstances beyond either the person's or the taxpayer's control) but not
amounting to financial incapacity.
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