INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VII - PENALTY TAX

SECTION 226Q

226Q PENALTY TAX BECAUSE OF UNARGUABLE POSITION OF PARTNER ABOUT SCHEME
If:

(a) a partner in a partnership ( ``defaulting partner'' ) makes a partnership taxation statement; and

(b) that statement treated an income tax law as applying in relation to a scheme in a particular way; and

(c) a taxpayer who is a partner in the partnership has a partnership shortfall excess for a year in relation to the statement; and

(d) the scheme was a tax avoidance scheme within the meaning of section 224 ;

then:

(e) the excess is a tax shortfall of the defaulting partner for that year to which section 226L applies; and

(f) for the purposes of section 226L the statement referred to in paragraph 226L(e) is taken to be the statement referred to in paragraph (a).

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