The amount of the penalty is expressed as a percentage of the potential lost revenue. Potential lost revenue is defined at A4.567B.1.
Summary of steps in calculation
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(1)ÌýÌýÌýÌý ascertain the basic nature of the inaccuracy
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(2)ÌýÌýÌýÌý ascertain the degree of culpability, whether deliberate or careless, and if deliberate, whether there were there arrangements to conceal. If the taxpayer was neither careless nor deliberate, no penalty
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