26
CurrentPenalty tax in respect of certain tax defaults
Part 5Interest and penalty tax
Division 2Penalty tax
26 Penalty tax in respect of certain tax defaults
(1)
If a tax default occurs, the taxpayer is liable to pay penalty tax in addition to the amount of tax unpaid.
(2)
Penalty tax imposed under this Division is in addition to interest.
(3)
Penalty tax is not payable in respect of a tax default that consists of a failure to pay—
(a)
interest under Division 1, or
(b)
penalty tax previously imposed under this division, or
(c)
a penalty imposed under section 106KA.
This Act’s bill:Explanatory memorandumSecond reading speech
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