INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) under a shortfall section, a company is liable to pay additional tax in respect of a franking year or a refund because of a franking tax shortfall or part of a franking tax shortfall; and
(b) after the Commissioner had informed the company that a tax audit relating to the company in respect of the year, or the refund, was to be carried out, the company voluntarily told the Commissioner, in writing, about the shortfall or part; and
(c) telling the Commissioner could reasonably be estimated to have saved the Commissioner a significant amount of time or significant resources in the audit;
the amount of the additional tax is reduced by 20%.
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