Compliance – administrative and failure to lodge penalties

Warning:

This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

The schedule is part of the company tax return and must be lodged by your entity's tax return due date.

Administrative penalties will apply if you:

• make a false or misleading statement, including omissions
• fail to lodge on time.

For more information, see:

• Failure to lodge on time penalty
• PS LA 2011/19 Administration of the penalty for failure to lodge
• PS LA 2012/4 Administration of the false or misleading statements penalty – where there is no shortfall amount
• PS LA 2012/5 Administration of the false or misleading statement penalty – where there is a shortfall amount.

Interaction with voluntary disclosure provisions

A statement made in the schedule isn't a voluntary disclosure for the purposes of section 284-225 of Schedule 1 of the Taxation Administration Act 1953. Completing and lodging the schedule, as per the schedule instructions, doesn't satisfy the voluntarily tell requirements.

If the information provided in the schedule allows the Commissioner to identify and calculate the shortfall amount, this may lead to a remission of the shortfall penalty for:

• not having a reasonably arguable position
• making a false or misleading statement.

For more information, see Miscellaneous Taxation Ruling MT 2012/3 Administrative penalties: voluntary disclosures.