33
In forceReduction in penalty tax for disclosure before investigation
Part 5Interest and penalty tax
Division 5.2Penalty tax
33 Reduction in penalty tax for disclosure before investigation
The amount of penalty tax determined under section 31 is reduced by 20% if, after the commissioner informs the taxpayer that an investigation relating to the taxpayer is to be carried out and before it is begun, the taxpayer discloses to the commissioner, in writing, sufficient information to enable the nature and extent of the tax default to be determined.
This Act’s bill:Explanatory statementSecond reading speech
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