Budget Savings (Omnibus) Act 2016 (55 of 2016)

Schedule 23   Single touch payroll reporting

Part 1   Reporting by employers

Division 2   Other amendments

Taxation Administration Act 1953

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

Add:

Further exception to subsection (1)

(8) You are not liable to an administrative penalty under subsection (1) if:

(a) you made the statement (the original statement ) under section 389-5 notifying an amount under item 1 or 2 of the table in subsection 389-5(1) (and no other item in that table); and

(b) the original statement related to the *financial year in which you made it; and

(c) you make a further statement to a taxation officer that corrects the original statement in each of the respects in which it is false or misleading in a material particular; and

(d) the further statement:

(i) is in the *approved form; and

(ii) if subsection 389-25(1) in that Schedule provides for a period for correcting the original statement - is made within that period; and

(iii) without limiting subparagraph (ii), is made within 14 days after the end of the financial year in which the original statement was made.