Document ID: chunk:federal_register_of_legislation:C2006C00616:clause:1_8:p4
Version: federal_register_of_legislation:C2006C00616
Segment Type: clause
Provision Reference: sch 1 cl 8 (pt 4/6)
Character Range: 26687–29369

that a *tax audit is to be conducted of your financial affairs for that period or a period that includes that period; and
 (b) after that time, you voluntarily tell the Commissioner, in the *approved form, about the shortfall or the part of it; and
 (c) telling the Commissioner can reasonably be estimated to have saved the Commissioner a significant amount of time or significant resources in the audit.

 (2) The *base penalty amount for your *shortfall amount or *scheme shortfall amount, or for part of it, for an accounting period is reduced under subsection (3) or (4) if you voluntarily tell the Commissioner, in the *approved form, about the shortfall amount or the part of it before the earlier of:
 (a) the day the Commissioner tells you that a *tax audit is to be conducted of your financial affairs for that period or a period that includes that period; or
 (b) if the Commissioner makes a public statement requesting entities to make a voluntary disclosure by a particular day about a *scheme or transaction that applies to your financial affairs—that day.

 (3) The *base penalty amount for your *shortfall amount, or for part of it, is:
 (a) reduced by 80% if the shortfall amount, or the part of, it is $1,000 or more; or
 (b) reduced to nil if the shortfall amount, or the part of it, is less than $1,000.

 (4) The *base penalty amount for your *scheme shortfall amount, or for part of it, is reduced by 80%.

 (5) If you voluntarily tell the Commissioner, in the *approved form, about your *shortfall amount or *scheme shortfall amount, or part of it, after the Commissioner tells you that a *tax audit is to be conducted of your financial affairs, the Commissioner may treat you as having done so before being told about the audit if the Commissioner considers it appropriate to do so in the circumstances.

[The next Division is Division 286.]

Division 286—Penalties for failing to lodge documents on time

Table of Subdivisions

286‑A Guide to Division 286
286‑B Object of Division
286‑C Penalties for failing to lodge documents on time

Subdivision 286‑A—Guide to Division 286

286‑1  What this Division is about

      You are liable to an administrative penalty if you are required to give a return, statement, notice or other document to the Commissioner by a particular time and you do not do so.
      This Division sets out when the penalty applies and how the amounts of the penalty are calculated.

Subdivision 286‑B—Object of Division

Table of sections

286‑25 Object of Division

286‑25  Object of Division

  The object of this Division is to provide a uniform administrative penalty regime for all *taxation laws to enable administrative