New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 6   Consolidation: life insurance companies

Part 3   Transitional provisions

Taxation Administration Act 1953

12   At the end of subsection 286-80(2) of Schedule 1

Add:

; or (c) for failing to notify the happening of an event as mentioned in subsection 286-75(4) - 1 penalty unit for each period of 28 days or part of a period of 28 days starting on the day when the notification is due and ending when you notify the happening of the event (up to a maximum of 5 penalty units).