During an audit of his 2021/22 income tax return, Selwyn Vasic was found to have omitted...

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During an audit of his 2021/22 income tax return, Selwyn Vasic was found to have omitted $10,000 of assessable income. The tax return originally lodged by Selwyn disclosed taxable income of $125,000. Selwyn has adequate private health insurance. Calculate the likely penalties that would be imposed on Selwyn if the shortfall was the result of: A lack of reasonable care to comply with taxation law; Recklessness as to the operation of taxation law; Intentional disregard of taxation law. ● ● During an audit of his 2021/22 income tax return, Selwyn Vasic was found to have omitted $10,000 of assessable income. The tax return originally lodged by Selwyn disclosed taxable income of $125,000. Selwyn has adequate private health insurance. Calculate the likely penalties that would be imposed on Selwyn if the shortfall was the result of: A lack of reasonable care to comply with taxation law; Recklessness as to the operation of taxation law; Intentional disregard of taxation law. ● ●

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Penalties for underreporting income in a tax return in Australia are typically imposed under the Tax... View the full answer