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Compliance – administrative and failure to lodge penalties

Last updated 24 August 2021

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.

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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.

See also: