A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 5   TFN declarations and certain annual reports

Part 1   Amendments

Income Tax Assessment Act 1936

33   After subsection 202CD(5)

Insert:

(5A) A payer who fails to comply with subsection (1) or (4) is liable to pay to the Commissioner a penalty of 10 penalty units.

Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.

Note 2: Division 298 in Schedule 1 to the Taxation Administration Act 1953 contains machinery provisions relating to civil penalties.