Shortfall penalties
These items clarify some specific issues about shortfall penalties.
QB 10/04: Shortfall penalty for evasion or a similar act - knowledge required and Interpretation Statement IS0062
This question we've been asked relates to the shortfall penalty for evasion in section 141E of the Tax Administration Act 1994. It considers whether section 141E(1)(d) - (f) requires knowledge of the unlawfulness of the act in question. It concludes that for section 141E(1)(d) - (f) to apply, the taxpayer must know that the act in question is unlawful.
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Do the statutory time bar provisions apply to shortfall penalties?
This item clarifies that the Commissioner is not time barred from issuing an assessment for a shortfall penalty or from amending assessments of shortfall penalties, as long as there is a "tax shortfall" by the statute bar date.
Shortfall penalties in respect of agreed adjustments (September 2001)
Clarification about when shortfall penalties should be determined and included on the agreed adjustment form.
Date published: 31 Jan 2006
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