A statement made in the schedule isn't a voluntary disclosure for the purposes of section 284-225 of Schedule 1 to the Taxation Administration Act 1953. Completing and lodging the schedule, as per the schedule instructions, doesn't satisfy the voluntarily tell requirements.
If the information provided in the schedule allows the Commissioner to identify and calculate the shortfall amount, this may lead to a remission of the shortfall penalty for:
- not having a reasonably arguable position
- making a false or misleading statement.
See also:
- Miscellaneous Taxation Ruling MT 2012/3 Administrative penalties: voluntary disclosures