Business Services Industry
[1321] Increasing penalty for failing to lodge a return, etc.
Australasian Business Intelligence, July, 2007
Byline: Lisa Mak
Jul 16, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office (ATO) has issued Taxation Ruling MT 2007/1. The ATO states in the document that where an entity is liable to a penalty under subsection 284-75(3) of the Taxation Administration Act 1953, paragraph 284-220(1)(e) of Schedule 1 of the same Act applies to increase the base penalty amount by 20 per cent. Subsection 284-75(3) imposes a liability to an administrative penalty if a person fails to lodge a return, notice or other document which is necessary to determine a tax-related liability, and the Commissioner determines the tax-related liability without the assistance of that document.
Publication Date: 6 July 2007
AUSTRALIAN TAXATION...
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