52BFailure to remit amount collected

52B Failure to remit amount collected (1) This section applies if: (a) a taxpayer pays an agent an amount for payment of a tax under a special arrangement approved under this Division; and (b) the agent fails to pay the amount (the unremitted amount) to the Commissioner in accordance with the approval. (2) The taxpayer is taken to have satisfied the taxpayer's tax liability to the extent that the unremitted amount would have reduced the tax liability had the unremitted amount been paid to the Commissioner. (3) The Commissioner may determine that the unremitted amount, together with the following amounts, are payable by the agent: (a) interest on the unremitted amount in accordance with the approval, unless the amount of interest would be less than $20; (b) a penalty equal to 20% of the unremitted amount, unless the amount of the penalty would be less than $20;

Taxation Administration Act 2007 26 (c) interest on the amount of the penalty in accordance with the approval, unless the amount of interest would be less than $20. (4) The Commissioner may make a determination under subsection (3) on the basis of information the Commissioner has from any source. (5) The Commissioner may, if satisfied it is appropriate to do so, remit, in whole or in part, any of the following: (a) interest mentioned in subsection (3)(a) or (c); (b) a penalty mentioned in subsection (3)(b).