Taxation Ruling

IT 2131H - Notice of Archival

Income tax : transfer fees paid to a footballer - imposition of additional tax for incorrect return

• Please note that the PDF version is the authorised version of this ruling.

FOI status:

may be released

NOTICE OF ARCHIVAL

Taxation Ruling IT 2131 is no longer current and has been archived.

This Ruling deals with the application of IT 2012 to the remission of additional tax in light of the decision in (1984) 27 CTBR (NS) case 159; Case R107, 84 ATC 717. This system of additional tax has been replaced by a tax shortfall system.

Taxation Laws Amendment (Self Assessment ) Act 1992 introduced the shortfall provisions into the Income Tax Assessment Act 1936. Where there has been a tax shortfall in a 1992/93 or later year, penalty tax can be imposed. Taxation Ruling TR 94/6 discusses penalty tax on tax shortfalls in voluntary disclosure/self amendment cases.

Commissioner of Taxation
8/12/94

References

BO CNN J36/354/1

Related Rulings/Determinations:

IT 2131
IT 2131W

Case References:
Case 159
(1984) 27 CTBR (NS)1254

Case R107
84 ATC 717