New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 (117 of 2002)

Schedule 11   Consolidation: consequential provisions for research and development

Taxation Administration Act 1953

15   Subsection 286-80(2) of Schedule 1

Repeal the subsection, substitute:

(2) The base penalty amount is:

(a) for failing to lodge a return, notice or other document on time or in the*approved form - 1 penalty unit for each period of 28 days or part of a period of 28 days starting on the day when the document is due and ending when you give it to the Commissioner (up to a maximum of 5 penalty units); or

(b) for failing to give written details as mentioned in subsection 286-75(3) - 1 penalty unit for each period of 28 days or part of a period of 28 days starting on the day when the details are due and ending when you give the details.

Note: See section 4AA of theCrimes Act 1914 for the current value of a penalty unit.

Example: An entity lodges a return 31 days late. The base penalty amount under subsection (2) is 2 penalty units.