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
246 At the end of section 221ZXD
Add:
(4) A financial institution that fails to give the Commissioner the report, by the time by which it must be given to the Commissioner, 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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