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Taxation Administration Act 1999
32Reduction in penalty tax for voluntary disclosure
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32 Reduction in penalty tax for voluntary disclosure
The amount of penalty tax determined under section 31 is reduced by
80% if, before the commissioner informs the taxpayer that an
investigation relating to the taxpayer is to be carried out, the taxpayer
discloses to the commissioner, in writing, sufficient information to
enable the nature and extent of the tax default to be determined.