Taxation Ruling IT 2662 (Partially Withdrawn) - Income tax: false and misleading statements, additional tax, elections and notifications
Date of effect: 30 June 1990

What this ruling is about: 1. This Ruling extends to individuals, partnerships and trusts the guidelines contained in Taxation Ruling IT 2624 . That Ruling provides guidelines to companies, superannuation funds, approved deposit funds and pooled superannuation trusts (that is, taxpayers on full self assessment) for:


Ruling: 2. This Ruling should be read together with Taxation Ruling IT 2624. Guidelines contained in that Ruling are to apply to all taxpayers, so far as they are relevant. 3. In summary, Taxation Rulings IT 2141 and 2517 remain relevant for the imposition of additional tax (by way of penalty) under subsection 223(1) and for its remission. Whether a statement made in an income tax return return is 'false or misleading' is determined by reference to the return and records (including explanatory documents) that: 4. In every situation where the law authorises the Commissioner to extend the time for making a written election or other notification, the time for lodgment is to be taken as extended for taxpayers until such time as the Commissioner requires the election or notification to be made. Exceptions to this are the specific elections or other notifications identified in Taxation Ruling IT 2624, Tax Pack and other relevant published Tax Office instructions. 5. A statement of claims for expenditure by a company on minor items of plant and equipment in accordance with Taxation Ruling IT 2264 need no longer be included with a tax return. As with other elections and notifications, this statement must be retained by a taxpayer along with all other taxation records. Leasing companies that incur expenditure on minor items of plant and equipment still need to show these items in their depreciation schedules which should be retained with their records.




What this Ruling is about | Date of effect: 6. This Ruling applies to returns lodged for the year ended 30 June 1990 (or substituted accounting period) and later years of income if return forms and instructions restrict the extent of disclosure a taxpayer may make with his or her return. | Commissioner of Taxation 5 December 1991


Related rulings: IT 2141 IT 2264 IT 2517 IT 2593 IT 2624
Legislative references: - ITAA 223(1)
Subject references: - additional tax - elections - notifications - penalties - self assessment