Draft Practice Statement PS LA 3624 released on Administrative Penalties under s284-75(3) of the TAA1 [51]

The ATO on Thur 26.6.2014, issued Draft Practice Statement Law Administration PS LA 3624 (Administration of the penalty imposed under s 284-75(3) of Sch 1 to the TAA). A taxpayer is liable to an administrative penalty under s 284-75(3) where:

• they fail to lodge a return, notice or other document by the due date for lodgment; and
• the return, notice or other document is necessary for the Commissioner to accurately determine a tax-related liability of the entity; and
• the Commissioner determines the tax-related liability without the assistance of that document.

The Draft explains the circumstances in which an entity becomes liable to a s 284-75(3) penalty, and how the penalty is assessed, including remission.

COMMENTS are due by 23 July 2014.

[LTN 121, 26/6/14]