Document ID: chunk:federal_register_of_legislation:C2005A00042:clause:1_24
Version: federal_register_of_legislation:C2005A00042
Segment Type: clause
Provision Reference: sch 1 cl 24
Character Range: 19320–19968

24  After subsection 16(8)
Insert:

Assessment to include details of understatement penalty

 (8A) If any understatement penalty is also payable in respect of the product for the period concerned, the notice must state:
 (a) the amount of understatement penalty payable; and
 (b) the date by which the penalty is to be paid (which is to be the same as the date stated under subsection (7)).

Note 1: The following heading to subsection 16(9) is inserted "Reconsideration and review of assessments".

Note 2: The following heading to subsection 16(12) is inserted "Notice of assessment is conclusive evidence of the due making of the assessment".