Victorian Current Acts Victorian Current ActsS. 31(1) amended by Nos 36/2005 s. 36(1), 33/2007 s. 9(1), 83/2009 s. 33(1).
(1) The amount of penalty tax determined under section 30 is to be reduced by 80% if, before the Commissioner commences an investigation into a known or suspected tax default or notification default by the taxpayer, the taxpayer voluntarily discloses to the Commissioner, in writing, sufficient information to enable the nature and extent of the default to be determined.
S. 31(2) amended by Nos 36/2005 s. 36(1), 33/2007 s. 9(1), 83/2009 s. 33(2).
(2) The amount of penalty tax determined under section 30 is to be reduced by 20% if, after the Commissioner commences an investigation into a known or suspected tax default or notification default by the taxpayer and before it is completed, the taxpayer voluntarily discloses to the Commissioner, in writing, sufficient information to enable the nature and extent of the default to be determined.
S. 31(3) inserted by No. 36/2005 s. 36(2), substituted by No. 33/2007 s. 9(2).
(3) Subsection (1) or (2) (as the case requires) does not apply in respect of information disclosed by a taxpayer if the taxpayer is registered by the Commissioner under a taxation law and—
(a) the tax default involved the failure to lodge a return and pay tax by the date required under that taxation law; or
(b) in the case of a taxpayer who lodged a return by the due date that disclosed a liability to pay tax, the tax default involved the failure to pay that tax by the date required under the taxation law.