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27 Aug 12 ATO Practice Statements on penalties for making false or misleading statements

On 23 August 2012, the ATO issued the following 2 practice statements:

  • PS LA 2012/4 Administration of penalties for making false or misleading statements that do not result in shortfall amounts
  • PS LA 2012/5 Administration of penalties for making false or misleading statements that result in shortfall amounts

PS LA 2012/4 explains:

  • the circumstances in which an entity becomes liable to a penalty for making a false or misleading statement which does not result in a shortfall amount, and
  • how the penalty is assessed, including determining remission.

PS LA 2012/5 explains:

  • the circumstances in which an entity becomes liable to a penalty for making a false or misleading statement which results in a shortfall amount, and
  • how the penalty is assessed, including determining remission.

On the same day, PS LA 2006/2 (Administration of shortfall penalty for false or misleading statement) was withdrawn and has been replaced by PS LA 2012/5.

 


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