Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 6   Miscellaneous amendments

Part 6   Administrative penalties for false or misleading statements

1   Division 1 - Main amendments

Taxation Administration Act 1953

67   At the end of section 284-75 in Schedule 1

Add:

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

(a) you make a statement to an entity other than:

(i) the Commissioner; and

(ii) an entity exercising powers or performing functions under a *taxation law; and

(b) the statement is, or purports to be, one required or permitted by a taxation law; and

(c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it.

(5) You are not liable to an administrative penalty under subsection (1) or (4) for a statement that is false or misleading in a material particular if you, and your *agent (if relevant), took reasonable care in connection with the making of the statement.