Taxation Laws Amendment (Self Assessment) Act 1992 (101 of 1992)

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

29   Penalty tax where Division 13 of Part III applies

Section 225 of the Principal Act is amended:

(a) by omitting from subparagraphs (1)(d)(iii) and (iv) "double" and substituting "the first penalty percentage of";

(b) by omitting from paragraph (1)(e) all words after "tax" (first occurring) and before subparagraph (1)(e)(i) and substituting "the second penalty percentage of";

(c) by inserting after subsection (1), the following subsection:

"(1A) In subsection (1):

'first penalty percentage' means:

(a) subject to paragraph (b) - 50%; or

(b) if it is reasonably arguable that the prescribed provision or provisions do not apply - 25%;

'second penalty percentage' means:

(a) subject to paragraph (b) - 25%; or

(b) if it is reasonably arguable that the prescribed provision or provisions do not apply - 10%.".