FNSACC601 Prepare And Administer Tax Documentation For Legal Entities - Tax Assessment 13

Task 5 – Administration of tax – penalties

1. During 2017/18 income year, Paul has worked for two different employers for one month and 11 months long respectively.

Paul included his income of $40,000 from the longer period but inadvertently forgot to include his other income of $4,000 from the shorter period in his tax return form.

Required:

1. Explain what the ATO would deem of Paul’s conduct of failing to pay the shortfall amount.
2. Indicate the base penalty rate that would Paul be liable for the shortfall amount.

2. When lodging its company tax return for the 2017/18 income year, ABC Pty Ltd did not include a sales income of $95,000. The Commissioner of Taxation had previously examined its activity statements and had advised the company about disclosing sales amounts in its income tax return.

Required:

1. Explain what the ATO would deem of company’s’ conduct of failing to disclose a sales income and calculate the shortfall amount.
2. Indicate the base penalty rate that the company would be liable for the shortfall amount.

Note: You should refer the ATO’s website and conduct a research on penalties.

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