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
117 At the end of section 220AJ
Add:
(5) If the payer fails to give the Commissioner the report by the time by which it must be given to the Commissioner, the payer is liable to pay the late reconciliation statement penalty.
Note: The late reconciliation statement penalty is worked out under Division 3 of Part IIA of theTaxation Administration Act 1953.
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