INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) a taxpayer has a tax shortfall for a year; and
(b) a private ruling was made on the way in which an income tax law applies to the taxpayer in respect of the year in relation to an arrangement; and
(c) the shortfall or part of it was caused by the taxpayer, in a taxation statement made after the private ruling was made, treating that law as applying to the taxpayer in respect of the year in relation to the arrangement in a different way;
the taxpayer is liable to pay, by way of penalty, additional tax equal to 25% of the amount of the shortfall or part.226M(2) [Court order or Tribunal decision]
Subsection (1) does not apply if there is an order of a court, or a decision of the Tribunal, that applies to the private ruling.
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