10
In forceRequirement for full and true disclosure of relevant facts and circumstances
Part 3Assessment of tax liability
10 Requirement for full and true disclosure of relevant facts and circumstances
(1)
A person who is liable to pay tax under a tax law must, before or at the time an assessment of the tax liability is made, fully and truly disclose to the commissioner all the facts and circumstances affecting the tax liability under the relevant tax law.
Maximum penalty: 50 penalty units, imprisonment for 6 months or both.
(2)
It is a defence to a charge under this section that the defendant reasonably relied on some other person to ensure that the requirements of this section were satisfied.
This Act’s bill:Explanatory statementSecond reading speech
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