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

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

28   Penalty tax where certain anti-avoidance provisions apply

Section 224 of the Principal Act is amended:

(a) by omitting from paragraphs (1)(e) and (f) "double" and substituting "the penalty percentage of";

(b) by adding at the end the following subsection:

"(3) In subsection (1):

'penalty percentage' means:

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

(b) if it is reasonably arguable that the provision or provisions under which the step described in paragraph (1)(b) or the action described in paragraph (1)(c) was taken do not apply to include the amount or disallow the deduction or rebate - 25%.".