Taxation Ruling

TR 94/4W

Income tax: tax shortfall penalties: reasonable care, recklessness and intentional disregard

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FOI status:

Notice of Withdrawal

Taxation Ruling TR 94/4 is withdrawn with effect from today.

1. Taxation Ruling TR 94/4 sets out the Commissioner's interpretation on what is meant by reasonable care, recklessness and intentional disregard as used in sections 226G, 226H and 226J (contained in Part VII of the Income Tax Assessment Act 1936) (ITAA 1936) and sections 160ARZA, 160ARZB and 160ARZC (contained in Division 11 of Part IIIAA of the ITAA 1936).

2. Part VII of the ITAA 1936 does not apply to statements made in relation the 2000-2001 and later income years and was replaced by Division 284 of Part 4-25 of Schedule 1 to the Taxation Administration Act 1953 (TAA).

3. Division 11 of Part IIIAA of the ITAA 1936 does not apply to a return or information relating to the 2000-2001 and later franking years and was replaced in part by Division 284 of Part 4-25 of Schedule 1 to the TAA.

4. The administrative penalty regime within Part 4-25 of Schedule 1 to the TAA applies from 1 July 2000, in relation to:

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income tax matters for the 2000-01 and later income years;

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fringe benefits tax matters for the year commencing 1 April 2001 and later years; and

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matters relating to other taxes for the year commencing 1 July 2000 and later years.

5. The issues covered by TR 94/4 are now covered by Draft Miscellaneous Taxation Ruling MT 2008/D1, which issued today.

Commissioner of Taxation
14 May 2008

Previously released in draft form as TR 93/D20

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

IT 2517
IT 2565
TR 92/10