MT 2012/3, issued on Wed 9.5.2012, outlines the Commissioner’s interpretation of s 284-225 of Sch 1 to the TAA and the circumstances under which a penalty will be reduced. It also provides guidelines on how the Commissioner may exercise his discretion.
The Ruling replaces Miscellaneous Taxation Ruling 2008/3, which was withdrawn from 7 September 2011 ie the date of issue of the draft of the Ruling (MT 2011/D3). However, the ATO says MT 2008/3 will continue to have application to voluntary disclosures made before 4 June 2010.
DATE OF EFFECT: The Ruling applies to voluntary disclosures made on or after 4 June 2010.
[LTN 88, 9/5]