01 Jun 11
Penalty relating to statements: meaning of reasonable care, recklessness and intentional disregard - MT 2008/1A1
On 1 June 2011 the ATO issued an Addendum to Miscellaneous Taxation Ruling MT 2008/1 to reflect the amendments made to Div 284 of Schedule 1 to the Taxation Administration Act 1953 which extends the existing administrative penalty regime to cover false or misleading statements made to the Commissioner that do not produce a shortfall amount and false or misleading statements made to other entities where the statement is for the purposes of taxation law or permitted or purported to be permitted for the purposes of taxation law. The Addendum also reflects amendments regarding the “safe harbour” provisions that apply to entities in certain circumstances. The Addendum is MT 2008/1A1.