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

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

30   Penalty tax where Part IVA applies

Section 226 of the Principal Act is amended:

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

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

"(2) In subsection (1):

'penalty percentage' means:

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

(b) if it is reasonably arguable that Part IVA does not apply - 25%.".