INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VII - PENALTY TAX  

SECTION 226U  

226U   CERTAIN AMOUNTS NOT SHORTFALL BECAUSE OF APPLICATION FOR PRIVATE RULING  
If:

(a) apart from this section, a taxpayer has a tax shortfall for a year of income; and

(b) the shortfall or part of it was caused by the taxpayer, in a taxation statement, treating an income tax law as applying to the taxpayer in respect of the year in relation to an arrangement in a particular way; and

(c) when or before the statement was made, there was an application for a private ruling on the way in which that law would apply to the taxpayer in respect of the year in relation to the arrangement; and

(d) in the opinion of the Commissioner, the application was one that the Commissioner is required to comply with; and

(e) when the statement was made, the private ruling had not been made;

the shortfall is not a tax shortfall, or the part is not part of a tax shortfall, for the purposes of section 226G , 226H , 226J , 226K or 226L .