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.".
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
