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08 Sep 11 Administrative penalties: voluntary disclosures - MT 2011/D3

On 7 September 2011, the ATO released for public comment by 21 October 2011 Draft Miscellaneous Taxation Ruling MT 2011/D3 entitled "Administrative penalties: voluntary disclosures".

The draft Ruling outlines the Commissioner's interpretation of s 284-225 of Schedule 1 to the Taxation Administration Act 1953 (TAA). Specifically, it outlines the circumstances under which:

  • a penalty otherwise attracted will be reduced to nil;
  • a penalty otherwise attracted will be reduced by 80%; and
  • a penalty otherwise attracted will be reduced by 20%.

The draft Ruling also provides guidelines on how the discretion in s 284-225(5) of Schedule 1 to the TAA may be exercised.

The draft Ruling also outlines the Commissioner's interpretation of some of the important concepts in s 284-225 of Schedule 1 to the TAA, specifically:

  • what constitutes 'an examination...of your affairs relating to a taxation law for a relevant period';
  • when an entity will be taken to have been told that an examination is to be conducted of its affairs;
  • the meaning of 'voluntarily tell' in the context of each subsection;
  • the meaning of 'a significant amount of time or significant resources' for the purposes of s 284-225(1) of Schedule 1 to the TAA; and
  • principles regarding the making of a voluntary disclosure.

As a consequence of the release of MT 2011/D3 on 7 September 2011, Miscellaneous Taxation Ruling MT 2008/3 (Shortfall penalties: voluntary disclosures) was withdrawn with effect from the same day.

 


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