INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteA person, or an investment body in relation to a Part VA investment, that must pay an amount to the Commissioner under subsection 221YHZD(1) or (1A) must notify the Commissioner of the amount on or before the day on which the amount is due to be paid (regardless of whether it is paid).
221YHZCA(2) [Liability to failure to notify penalty]If the person or investment body fails to do so, or notifies the Commissioner of an amount that is less than the correct amount, the person or investment body is liable to pay the failure to notify penalty on the amount, or on the amount of the shortfall, for each day in the period that:
(a) started at the beginning of the day by which the amount was due to be paid; and
(b) finishes at the end of the day before the Commissioner receives notification from the person or investment body, or otherwise becomes aware, of the correct amount.
Note:
The failure to notify penalty is worked out under Division 2 of Part IIA of the Taxation Administration Act 1953 .
221YHZCA(3) [Approved form]The notification must be in a form approved in writing by the Commissioner.
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