INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART VII
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PENALTY TAX
SECTION 226E
226E
REDUCTION OF PENALTY TAX UNDER SCHEME SECTIONS
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DISCLOSURE BEFORE TAX AUDIT NOTIFIED
If:
(a) a taxpayer is liable to pay additional tax under a scheme section in respect of a year of income; and
(b) before the Commissioner had informed the taxpayer that a tax audit relating to the taxpayer in respect of the year was to be carried out, the taxpayer voluntarily told the Commissioner, in writing, about the matter because of which the wrongful behaviour provision applies;
View history note
Hide history noteIf:
(a) a taxpayer is liable to pay additional tax under a scheme section in respect of a year of income; and
(b) before the Commissioner had informed the taxpayer that a tax audit relating to the taxpayer in respect of the year was to be carried out, the taxpayer voluntarily told the Commissioner, in writing, about the matter because of which the wrongful behaviour provision applies;
the amount of the additional tax is reduced by 80%.
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