New South Wales Consolidated Acts
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TAXATION ADMINISTRATION ACT 1996 - SECT 28
Reduction in penalty tax for disclosure before investigation
28 Reduction in penalty tax for disclosure before investigation
(1) The amount of penalty tax determined under section 27 is to be reduced by
80% if, before the Chief Commissioner informs the taxpayer that an
investigation relating to the taxpayer is to be carried out, the taxpayer
discloses to the Chief Commissioner, in writing, sufficient information to
enable the nature and extent of the tax default to be determined.
(2) This
section does not apply in respect of information disclosed by a taxpayer if
the taxpayer is registered under a taxation law and-- (a) the tax default
involved a failure to lodge a return as required under that taxation law, or
(b) the tax default involved a failure to pay tax by the date required under
that taxation law.
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