Taxation Laws Amendment Act (No. 2) 1993 (18 of 1993)

Schedule   AMENDMENTS OF ACTS

Income Tax Assessment Act 1936

After subsection   222 (1A)

Insert:

"(1B) A taxpayer is liable to pay additional tax by way of penalty under this subsection if the taxpayer:

(a) fails to keep a record containing particulars of the basis of the calculation of the amounts that the taxpayer specified under section 221AZS in a return for a year of income; or

(b) refuses or fails to produce to the Commissioner, when and as required by the Commissioner under this Act, a document containing particulars of the basis of the calculation of the amounts that the taxpayer specified under section 221AZS in a return for a year of income.

The penalty is double the amount of tax payable by the taxpayer for that year of income.".