Miscellaneous Taxation Ruling
MT 2008/3W - Withdrawal
Shortfall penalties: voluntary disclosures
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Notice of Withdrawal
1. Miscellaneous Taxation Ruling MT 2008/3 outlines the Commissioner's interpretation of section 284-225 of Schedule 1 to the Taxation Administration Act 1953 (TAA) and provides guidelines on how the discretion in subsection 284-225(5) of Schedule 1 to the TAA may be exercised.
2. Section 284-225 of Schedule 1 to the TAA was significantly amended by the Tax Laws Amendment (2010 Measures No. 1) Act 2010, with effect from 4 June 2010. Part 6 of Schedule 6 to that Act extended the administrative penalty regime in Division 284 of Schedule 1 to the TAA to false or misleading statements that do not result in a shortfall amount. This required consequential amendments throughout Division 284 of Schedule 1 to the TAA, including section 284-225 of Schedule 1 to the TAA.
Commissioner of Taxation
7 September 2011