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

90   Subsections 284-225(1) and (2) in Schedule 1

Repeal the subsections, substitute:

(1) The *base penalty amount for your *shortfall amount or *scheme shortfall amount, for part of it or for your false or misleading statement is reduced by 20% if:

(a) the Commissioner tells you that an examination is to be made of your affairs relating to a *taxation law for a relevant period; and

(b) after that time, you voluntarily tell the Commissioner, in the *approved form, about the shortfall, the part of it or the false or misleading nature of the statement; and

(c) telling the Commissioner can reasonably be estimated to have saved the Commissioner a significant amount of time or significant resources in the examination.

(2) The *base penalty amount for your *shortfall amount or *scheme shortfall amount, for part of it or for your false or misleading statement is reduced under subsection (3), (4) or (4A) if you voluntarily tell the Commissioner, in the *approved form, about the shortfall amount, the part of it or the false or misleading nature of the statement before:

(a) the day the Commissioner tells you that an examination is to be made of your affairs relating to a *taxation law for a relevant period; or

(b) if the Commissioner makes a public statement requesting entities to make a voluntary disclosure by a particular earlier day about a *scheme or transaction that applies to your affairs - that earlier day.