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10 Aug 09 Small business/general business tax break: penalties and interest charges

The ATO has published a factsheet in relation to penalties and interest charges that may be imposed if a taxpayer makes an error in their claim for the small business and general business tax break, also known as the investment allowance. The factsheet states, amongst other things:

"Where an error occurred, the Commissioner will consider whether it is appropriate to impose shortfall penalties. If reasonable care was taken in preparing the tax return, a penalty for false or misleading statements will not be applicable. The new measure and its complexity in relation to the taxpayer’s individual circumstances will be taken into account in determining whether reasonable care was taken. The ATO will take a reasonable approach, as we are aware new legislation can have the potential to affect taxpayers’ capacity to understand their entitlements or obligations."

For a copy of the factsheet, go here

 


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