INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteSubject to this Part, if:
(a) a taxpayer has a tax shortfall for a year; and
(b) the shortfall or part of it was caused by the taxpayer in a taxation statement treating an income tax law as applying in relation to a scheme in a particular way; and
(c) the scheme was a tax avoidance scheme within the meaning of subsection 224(1) ; and
(d) none of the scheme sections applies in relation to the scheme;
the taxpayer is liable to pay, by way of penalty, additional tax equal to:
(e) if, when the statement was made, it was reasonably arguable that the way in which the application of the law was treated was correct - 25% of the amount of the shortfall or part; or
(f) in any other case - 50% of the amount of the shortfall or part.
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