TAXATION ADMINISTRATION ACT 1996 - SECT 29
Reduction in penalty tax for disclosure during investigation
TAXATION ADMINISTRATION ACT 1996 - SECT 29
Reduction in penalty tax for disclosure during investigation
29 Reduction in penalty tax for disclosure during investigation
(1) The amount of penalty tax determined under section 27 is to be reduced by
20% if, after the Chief Commissioner informs the taxpayer that an
investigation relating to the taxpayer is to be carried out and before it is
completed, the taxpayer discloses to the Chief Commissioner, in writing,
sufficient information to enable the nature and extent of the tax default to
be determined.
(2) This section does not apply in respect of information
disclosed by a taxpayer if the taxpayer is registered under a taxation law
and--