Penalty tax in respect of certain defaults

Current

S. 29(1) amended by No. 83/2009 s. 31(2).

(1)

If a tax default occurs, the taxpayer is liable to pay penalty tax.

S. 29(1A) inserted by No. 83/2009 s. 31(3).

(1A)

If a notification default occurs, the taxpayer is liable to pay penalty tax.

S. 29(2) amended by No. 83/2009 s. 31(4).

(2)

Penalty tax imposed under this Division is in addition to interest and any amount of tax unpaid.

(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.

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