Victorian Current Acts Victorian Current Acts(1) The amount of penalty determined under section 49 is to be reduced by 80% if, before the Registrar commences an investigation into a known or suspected default by the business or trustee, the business or trustee voluntarily discloses to the Registrar in writing, sufficient information to enable the nature and extent of the default to be determined.
(2) The amount of penalty determined under section 49 is to be reduced by 20% if, after the Registrar commences an investigation into a known or suspected default by the business or trustee and before it is completed, the business or trustee voluntarily discloses to the Registrar, in writing, sufficient information to enable the nature and extent of the default to be determined.
(3) Subsection (1) or (2) does not apply in respect of information disclosed—
(a) by a business if the business was required to lodge a return by 31 May under section 12 and—
(i) the default involved the failure to lodge a return and pay the amount payable to the Registrar by the date required by section 12 or the later date approved by the Registrar; or
(ii) in the case of a business which lodged a return by the due date that disclosed a liability to pay an amount, the default involved the failure to pay the amount payable by the date required by section 12 or the later date approved by the Registrar;
(b) by a trustee if the trustee was required to, within 12 months after the expiration of the required period within the meaning of section 14(1) or by the time extended by the Registrar under section 14(2), pay unclaimed money to the Registrar and include a statement with details in respect of that money and—
(i) the default involved the failure to pay the unclaimed money and lodge a statement in respect of the unclaimed money by the time required under section 14(1) , or the extended time allowed by the Registrar under section 14(2);
(ii) in the case of a trustee who lodged the statement with the Registrar within the required time that disclosed a liability to pay an amount of money converted from property, the default involved the failure to pay the amount of money by the time required under section 14(1), or the extended time allowed by the Registrar under section 14(2).