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The ATO advises that the law has changed to expand the false or misleading statement penalty provisions to include false and misleading statements that do not result in a shortfall amount - see Division 284 of Schedule 1 of the Taxation Administration Act 1953.

These changes apply to all statements made from 4 June 2010 that relate to tax and superannuation (super) laws administered by the Commissioner of Taxation.

The new provisions apply to all tax laws, including a range of super reporting obligations. They include:

  • member contribution statements (MCS)
  • lost members statements (LMS)
  • departing Australia super payment (DASP) reports
  • self-managed super fund annual return.

Under the changes there is also a new penalty for making false or misleading statements to an entity other than the ATO if it is required or allowed to be made under tax law – for example:

  • a statement made on a rollover benefit statement
  • a notice of intent to deduct super contributions or the acknowledgment of such a notice.

For more information, go here


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