Taxation Administration Act 1953
View history note
Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxNote: A Commissioner ' s Remedial Power (CRP 2017/1) is relevant to this part of the tax law. Taxation Administration (Remedial Power - Foreign Resident Capital Gains Withholding) Determination 2017 (F2017L00992) modifies the operation of s 18-15 , 18-20 and 18-25 in Sch 1 to the Taxation Administration Act 1953 as follows:
To the extent that an entity ' s entitlement to a credit referred to in s 18-15 , 18-20 or 18-25 in Sch 1 to TAA is in respect of an amount paid to the Commissioner under Subdiv 14-D of Sch 1 to TAA, treat the entitlement as arising in the income year in which the transaction causing that application of Subdiv 14-D is recognised for income tax purposes for the entity. The modification applies in respect of transactions entered into on or after 1 July 2016.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s 370-5 of Sch 1 to TAA to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
Knowingly making false or misleading declarations
14-230(1)
You are liable to pay the Commissioner a penalty of 120 penalty units if:
(a) you make a statement; and
(b) the statement is, or purports to be, a declaration under section 14-225 ; and
(c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it; and
(d) you know, at the time of making the statement, that it is so false or misleading.
Note:
Division 298 contains machinery provisions for administrative penalties.
Recklessly making false or misleading declarations
14-230(2)
You are liable to pay the Commissioner a penalty of 80 penalty units if:
(a) you make a statement; and
(b) the statement is, or purports to be, a declaration under section 14-225 ; and
(c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it; and
(d) you were reckless in connection with the making of the statement.
Note:
Division 298 contains machinery provisions for administrative penalties.
Not taking reasonable care in making declarations
14-230(3)
You are liable to pay the Commissioner a penalty of 40 penalty units if:
(a) you make a statement; and
(b) the statement is, or purports to be, a declaration under section 14-225 ; and
(c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it; and
(d) you did not take reasonable care in connection with the making of the statement.
Note:
Division 298 contains machinery provisions for administrative penalties.
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