Penalty tax
7 Penalty tax
Division 2 of Part 5 does not apply to a tax default that occurred before the commencement of that Division.
The Commissioner's power to remit penalty tax extends to penalty tax imposed on a taxpayer by a taxation law before the commencement of Division 2 of Part 5.
Sch. 1 cl. 7(3) inserted by No. 86/1997 s. 27.
If a tax default or other default occurred or commenced under a taxation law before the commencement of Division 2 of Part 5, the Commissioner may make an assessment under this Act, on or after that commencement, of any additional tax that would have been payable or assessable under that taxation law in relation to the default if Schedule 2 had not been enacted, and this Act will apply as if the additional tax were penalty tax under this Act.
Sch. 1 cl. 7(4) inserted by No. 86/1997 s. 27.
In this clause—
additional tax means additional, penal or penalty tax or duty, or any tax or duty payable by way of a fine or penalty, under a taxation law as in force immediately before the commencement of Schedule 2.
This Act’s bill:Second reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.