Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024 (52 of 2024)

Schedule 3   New class of deductible gift recipients

Part 2   Amendment of the Taxation Administration Act 1953

Taxation Administration Act 1953

15   Subsection 426-120(3) in Schedule 1

Repeal the subsection, substitute:

(3) The amount of the penalty is:

(a) the amount specified in the *applicable trust fund guidelines for the purposes of subsection (1); or

(b) the amount worked out in accordance with the method specified in the applicable trust fund guidelines for the purposes of subsection (1).

The guidelines may specify different penalties or methods for different circumstances.