Bosanac v CofT – on a rehearing, the AAT remits the shortfall penalty from 75% to 60% where taxpayer’s tax agent failed to include a net capital gain he knew about

On 10 June 2019, in Bosanac v CofT, the AAT reheard the issue of remitting shortfall penalty and decided that the penalty should be reduced from the 75% ‘reckless’ benchmark, down to 60% (but said it could not be remitted below the 50% level for reckless omission of the net capital gain.

See below for a discussion of the decision.

FJM 1.7.19

[Tax Month – June 2019]