Clause 459 - Penalty for failure to furnish report or for furnishing inaccurate report under section 511.

Penalty regime for failure to furnish or correct tax reports imposes escalating and fixed sanctions for non compliance.

Penalty regime for reporting under section 511 establishes escalating daily penalties for a reporting entity that fails to furnish required reports or to produce requested information and documents, with a higher daily penalty triggered if non compliance continues after service of a penalty order. Separate fixed penalties apply where an entity furnishes inaccurate information and either knew of the inaccuracy at filing, fails to correct after discovery within a short period, or provides inaccurate material in response to a notice.