The schedule is part of the company tax return and must be lodged by your entity's tax return due date.
Administrative penalties will apply if you:
- make a false or misleading statement, including omissions
- fail to lodge on time.
See also:
- Failure to lodge on time penalty
- PS LA 2011/19 Administration of the penalty for failure to lodge
- Significant global entities – penalties
- Statements and positions that are not reasonably arguable
- Items 3A, 3B or 3C of subsection 284-90(1) of the Taxation Administration Act 1953
- PS LA 2012/4 Administration of the false or misleading statements penalty – where there is no shortfall amount
- PS LA 2012/5 Administration of the false or misleading statement penalty – where there is a shortfall amount
Interaction with voluntary disclosure provisions
A statement made in the schedule isn't a voluntary disclosure for the purposes of section 284-225 of Schedule 1 of 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