Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 1   Running balance accounts, general interest charge and related matters

Part 1   Amendments

Income Tax Assessment Act 1936

120   Section 220AU

Repeal the section, substitute:

220AU Commissioner may remit penalty for failure to deduct

(1) The Commissioner may remit all or a part of the penalty a person is liable to pay under subsection 220AS(1).

(2) The Commissioner must give written notice to the person if the Commissioner decides:

(a) to remit a part only of the penalty; or

(b) not to remit any part of the penalty.