Commonwealth Numbered Acts

CHILD SUPPORT LEGISLATION AMENDMENT ACT (No. 2) 1992 No. 151 of 1992 - SECT 20

20. After section 64 of the Principal Act the following section is inserted in
Division 3 of Part 5: Penalty for underestimating taxable income

"64A.(1) If:

   (a)  a person's election under section 60 has applied in a child support
        year beginning after 30 June 1993; and

   (b)  the amount of the person's taxable income under the Income Tax 
        Assessment Act 1936 for the child support year exceeds, by 10% or
        more, the amount of the taxable income estimated in the election; the
        person is liable to pay to the Registrar, by way of penalty, the
        amount determined under subsection (2).

"(2) The amount of penalty is 10% of the difference between:

   (a)  the administrative assessment of child support that would have been
        made if it were based entirely on the amount of taxable income
        estimated in the election; and

   (b)  the administrative assessment of child support made under section 64.

"(3) The penalty is due and payable upon the issue of the administrative
assessment under section 64 and is a debt due to the Commonwealth.

"(4) If:

   (a)  paragraph (1)(b) applies because of an amendment of the Income Tax 
        Assessment Act 1936 , or because of a ruling or determination under
        that Act; or

   (b)  paragraph (1)(b) applies for some other reason, and the Registrar is
        satisfied that it would be fair and reasonable in the circumstances to
        remit the whole or part of the penalty; the Registrar may remit the
        whole or that part of the penalty.