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

194   After subsection 221YHZC(1A)

Insert:

(1AAA) If the investment body in relation to a Part VA investment fails to give the Commissioner a statement under paragraph (1A)(f) by the time by which it must be given to the Commissioner, the investment body 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.