Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (138 of 2024)

Schedule 4   Multinational tax transparency - country by country reporting

Taxation Administration Act 1953

3   At the end of Division 288 in Schedule 1

Add:

288-140 Penalty for failing to publish information on time

(1) You are liable to an administrative penalty if:

(a) you are required under subsection 3D(3) or 3DB(2) to publish information by giving a document containing the information to the Commissioner in the *approved form by a particular day; and

(b) you do not publish the information by giving the document to the Commissioner in the approved form by that day.

(2) The amount of the penalty is 500 penalty units for each period of 28 days or part of a period of 28 days:

(a) starting on the day mentioned in paragraph (1)(a); and

(b) ending when you publish the information by giving the document to the Commissioner in the approved form;

up to a maximum of 2,500 penalty units.

Note: Division 298 contains machinery provisions for administrative penalties.