New South Wales Consolidated Acts

TAXATION ADMINISTRATION ACT 1996 - SECT 10

10 Requirement for full and true disclosure of relevant facts and circumstances

(1) A person who is liable to pay tax under a taxation law must, before or at the time an assessment of the tax liability is made, fully and truly disclose to the Chief Commissioner all the facts and circumstances affecting the tax liability under the relevant taxation law.

Maximum penalty: 100 penalty units.

(2) A defendant is not guilty of an offence under this section if the defendant proves that the defendant reasonably relied on some other person to ensure that the requirements of this section were satisfied.