INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VII - PENALTY TAX  

SECTION 222   PENALTY FOR FAILURE TO KEEP OR FURNISH DOCUMENTS OR INFORMATION  

222(1)   [Additional tax: return or information]  

Where a taxpayer refuses or fails to furnish, when and as required under or pursuant to this Act or the regulations to do so, a return, or any information, relating to a year of income, being a return relating to or information relating to, or to the affairs of, the taxpayer, the taxpayer is liable to pay, by way of penalty, additional tax equal to double the amount of tax payable by the taxpayer in respect of the year of income.

222(1A)   [Relevant entities]  

If a taxpayer that is a relevant entity within the meaning of Division 1B of Part VI :

(a) fails to keep a record containing particulars of the basis of the calculation of its taxable income of a year of income and the tax payable in respect of that taxable income that were specified in a return in accordance with section 221AZD ; 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 its taxable income of a year of income and the tax payable in respect of that taxable income that were specified in a return in accordance with section 221AZD ;

the taxpayer is liable to pay, by way of penalty, additional tax equal to double the amount of tax payable by the taxpayer in respect of that year of income.

222(1B)   [Additional tax: record or document]  

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 161AA or 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 161AA or 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.

222(2)   [Minimum amount]  

Where, but for this subsection, an amount of additional tax, being an amount less than $20, is payable by a taxpayer under this section in respect of an act or omission, then, by force of this subsection, the amount of the additional tax shall be taken to be $20.

222(3)   [Refusal or failure to furnish returns]  

This section does not apply to a refusal or failure to furnish a return under section 161 , 162 or 163 .