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

11   At the end of section 286-75 of Schedule 1

Add:

(4) You are also liable to an administrative penalty if:

(a) you are required under section 713-540 of the Income Tax (Transitional Provisions) Act 1997 to notify another entity of the happening of an event by a particular day; and

(b) you do not notify the other entity of the happening of that event by that day.