ACCT2331 Chapter Notes - Chapter 47&48: Income Tax, Kim Junsu, Withholding Tax
Document Summary
Record keeping [p1123: taxpayers must retain records about their tax affairs. Activity statements: business activity statement (bas) is used by taxpayers to report and pay their periodic. Gst, fbt and payg obligations: taxpayers with payg or fbt liabilities who are not registered for gst must report and pay using an instalment activity statement (ias, bas and ias do not replace the need to lodge returns. Chapter 48 tax penalties, offences and interest payments. 48. 2 administrative penalty regime [p1133: administrative penalty regime contained in part 4-25 of sch 1 taa, standardised administrative penalties apply to a range of breaches including: Adopting positions under the tax laws that are not reasonably arguable. "shortfall penalties" are set at a "base penalty amount", which is a percentage of the. "shortfall amount: base penalty amount may be adjusted depending on: Whether the taxpayer has a reasonably arguable position. Whether the taxpayer voluntarily disclosed the matter to the ato.
