Document ID: chunk:federal_register_of_legislation:F2024L01276:clause:1_3
Version: federal_register_of_legislation:F2024L01276
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 2952–5122

3  Subsection 15(2)
Repeal the subsection, substitute:

Responding to a false or misleading statement made to the Board or Commissioner
 (2) Where:
 (a) a statement has been given to the Board or Commissioner; and
 (b) one of the following applies:
 (i) you made the statement, or permitted or directed someone else to make the statement, other than for a client; or
 (ii) for an entity that was your client at the time the statement was given to the Board or Commissioner, you made or prepared the statement, or permitted or directed someone else to make or prepare the statement; and
 (c) at a time after the statement was made, you have reasonable grounds to believe that the statement:
 (i) was false or misleading in a material particular at the time it was made; or
 (ii) omitted any matter or thing, at the time it was made, without which the statement at that time is misleading in a material respect; and
 (d) you also have reasonable grounds to believe that the false or misleading nature of the statement resulted from:
 (i) a failure to take reasonable care in connection with the preparation or making of the statement; or
 (ii) recklessness as to the operation of a taxation law; or
 (iii) intentional disregard of a taxation law;
within a reasonable period of time after you come to believe that the statement given satisfies paragraph (c), you must take each of the actions set out in an item of the following table when the situation described in that item of the table applies:

Responding to a false or misleading statement
Item                                           Column 1                                                                                                                                                                                                                                          Column 2

                                               In this situation:                                                                                                                                                                                                                                You must take all reasonable steps to: