Summary
Introduced with the Shortfall Interest Charge (Imposition) Bill 2005, the bill amends the: Taxation Administration Act 1958 and 3 other Acts to provide for an interest regime (the shortfall interest charge) which will apply to under-assessments of income tax; and Tax Administration Act 1953 to: abolish the penalty for tax shortfalls resulting from a failure to following a private ruling; require the Commissioner to provide an explanation in relation to certain penalties imposed; and clarify the definition of the term “reasonably arguable”.