10Requirement for full and true disclosure of relevant facts and circumstances

#### 10 Requirement for full and true disclosure of relevant facts and circumstances 10 Requirement for full and true disclosure of relevant facts and circumstances > > (1) A person who is liable to pay tax under a taxation law must, before or at the time an assessment of the tax liability is made, fully and truly disclose to the Chief Commissioner all the facts and circumstances affecting the tax liability under the relevant taxation law. > > > > Maximum penalty—250 penalty units. > > > > Note. > > > > An offence against subsection (1) committed by a corporation is an executive liability offence attracting executive liability for a director or other person involved in the management of the corporation—see section 121. > > > (2) A defendant is not guilty of an offence under this section if the defendant proves that the defendant reasonably relied on some other person to ensure that the requirements of this section were satisfied. > > **s 10:** Am 2012 No 97, Sch 1.40 \[1\]; 2023 No 18, Sch 9\[4\].