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

224   After subsection 221ZC(2B)

Insert:

(2C) A person who fails to give the Commissioner a statement under paragraph (1)(b), by the time by 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 (3) provides an alternative liability for failing to give the statement to the Commissioner.