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Friday, 28 November 1986
Page: 3011


Senator MESSNER —My question is addressed to the Minister representing the Treasurer. Is it a fact that today is the day on which the first of the fringe benefits tax returns are due to be lodged with the Commissioner of Taxation? What are the penalties for failure to lodge returns today? What action will be taken against anyone who, as the Treasurer with his 1985 and 1986 returns, through oversight, fails to lodge them on time?


Senator WALSH —I believe that FBT returns are due to be lodged today unless an extension has been sought and agreed to. I am not sure what the provisions in the FBT legislation are for failure to lodge a return, but the provisions of the Income Tax Assessment Act are that, if people have lodged late tax returns and they have an additional tax liability, they can be fined up to double the amount of that additional tax liability. If, as in the case of the Treasurer, people have no additional tax liability, no penalty is imposed.