Tax Counsel Tamera Lang ATIA attended an ATO consultation on Monday 13 December regarding the new penalties for false or misleading statements which do not result in shortfall amount. The ATO has advised that they intend to draft a new practice statement to deal with the amended provisions. It was noted that although many of the concepts in the new law have not changed (e.g. the requirement that a statement must be false or misleading "in a material particular") the context in which the concepts are may have changed. The ATO is still developing its administrative practice in this new area of the law, and will continue to consult with the professional bodies, including the Taxation Institute, as it develops its position.