34Failure to lodge returns

34 Failure to lodge returns

34 Failure to lodge returns

(1) A person who fails to lodge a return when required by this Act or by the Chief Commissioner, or who fails to include in any return any premiums that are subject to contribution, is taken to have committed a tax default for the purposes of Part 5 of the Taxation Administration Act 1996.

(2) In relation to the tax default—

(a) interest is payable in accordance with Part 5 of the Taxation Administration Act 1996 but accrues on the final contribution amount payable by the person for the period commencing on the last day allowed for lodging the return, or providing the correct particulars of premiums, and ending on the following day (whichever first occurs)—

(i) the day on which the return is lodged or the correct particulars are provided,

(ii) the day on which the assessment calculated on the basis of the return that is required, or the correct particulars that are required, is made,

(iii) the day on which the whole final contribution amount assessable to the person is paid, and

(b) penalty tax is payable in accordance with Part 5 of the Taxation Administration Act 1996 on the amount of the final contribution amount that is unpaid.