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

180   After subsection 221YHDC(9)

Insert:

Late reconciliation statement penalty

(9A) An eligible paying authority that fails to give the Commissioner a reconciliation statement form under subparagraph (5)(b)(iii) or (6)(d)(iii), on or before the day on which it must be given to the Commissioner, is liable to pay the late reconciliation statement penalty.

Note 1: The late reconciliation statement penalty is worked out under Division 3 of Part IIA of theTaxation Administration Act 1953.

Note 2: Subsection (10) provides an alternative liability for failing to give the form to the Commissioner.