Clause 230 - Penalty for under reporting of tax bases.

Under-reporting of tax bases: penalty imposed measured by tax payable on aggregate underreported bases.

A statutory penalty applies where a person has under reported tax bases, measured by the tax payable on the aggregate amount of additions or disallowances identified in assessment, reassessment, revision or appeal. The statute specifies how to compute that aggregate in cases of no return, filed returns, reassessments, revisions and appeals, and may include assets found in searches or entries in books claimed as prior year income. Exclusions cover bona fide explanations with full disclosure, certain estimates where accounts are complete, self estimated inclusions, and undisclosed tax bases addressed elsewhere; the penalty is imposed by the relevant tax officer by written order.