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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