284-85
CurrentAmount of penalty
Volume 2Schedule 1, Chapter 2, Part 2-10 to Chapter 4, Part 4-25 (sections 45-1 to 298-110)
Schedule 1Collection and recovery of income tax and other liabilities
Chapter 4Generic assessment, collection and recovery rules
Part 4-25Charges and penalties
Division 284Administrative penalties for statements, unarguable positions and schemes
Subdivision 284-BPenalties relating to statements
284-85 Amount of penalty
(1)
Work out the *base penalty amount under section 284‑90. If the base penalty amount is not increased under section 284‑220 or reduced under section 284‑225, this is the amount of the penalty.
(2)
Otherwise, use this formula:
Start formula BPA plus open square bracket BPA times open round bracket Increase % minus Reduction % close round bracket close square bracket end formula
where:
BPA is the *base penalty amount.
increase % is the percentage increase (if any) under section 284‑220.
reduction % is the percentage reduction (if any) under section 284‑225.
This Act’s bill:Second reading speech
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