The ATO on Thur 23.8.2012, released the following Practice Statements:
- : PS LA 2012/4Administration of penalties for making false or misleading statements that do not result in shortfall amounts. This Practice Statement explains how the Commissioner administers the penalty for making a false or misleading statement on or after 4 June 2010, where the statement does not result in a shortfall amount. It discusses: (i) when such a statement will give rise to the administrative penalty, and (ii) how penalty amounts are assessed, including a determination of any remission of the penalty under s 298-20 of Sch 1 to the TAA. It applies from 4 June 2010.
- PS LA 2012/5: Administration of penalties for making false or misleading statements that result in shortfall amounts. This Practice Statement replaces Law Administration Practice Statement PS LA 2006/2 effective on Thur 23.8.2012, and explains how the Commissioner administers the penalty for making a false or misleading statement made on or after 1 April 2004 where the statement results in a shortfall amount. It discusses: (i) when such a statement will give rise to the administrative penalty, and (ii) how penalty amounts are assessed, including a determination of any remission of the penalty under s 298-20.
[LTN 162, 23/8]
The ATO has withdrawn Practice Statement PS LA 2006/2 (Administration of shortfall penalty for false or misleading statement) with effect from 23 August 2012. It says the Practice Statement has been replaced by PS LA 2012/5.
[LTN 164, 24/8]