531M Application of provisions relating to income tax

Summary

The existing provisions of the Tax Acts in relation to interest and penalties apply in relation to income levy as they apply to income tax.

Details

(2) Subsection (2) applies the existing income tax penalties, offences, interest and other sanctions in Part 47 – sections 1052 to 1086 inclusive – in a similar manner to income levy as they apply to income tax.

(3) The provisions of section 865 – the application of the 4-year rule – apply to claims for repayment of income levy as they apply to income tax.

(4) The provisions of section 987, in relation to penalties for breaches of regulations, apply with any necessary modifications, in a similar manner to income levy as they apply to income tax.

Relevant Date: Finance Act 2021