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

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

Part 1   Amendments

Sales Tax Assessment Act 1992

307   Before section 96

Insert:

95A Failure to notify of assessable dealings with goods

(1) A taxpayer who fails to notify an assessable dealing with goods in a return on or before the day on which the taxpayer must lodge a return under section 61 is liable to pay the failure to notify penalty on the amount of the assessable dealing.

(2) A taxpayer who notifies an amount of an assessable dealing with goods in a return that is less than the correct amount of the assessable dealing is liable to pay the failure to notify penalty on the amount of the shortfall.

(3) The failure to notify penalty is payable for each day in the period that:

(a) started at the beginning of the day by which the taxpayer was required to lodge the return; and

(b) finishes at the end of the day before the Commissioner receives notification from the taxpayer, or otherwise becomes aware, of the correct amount.

(4) The failure to notify penalty means the penalty worked out under Division 2 of Part IIA of theTaxation Administration Act 1953.