Tax records education direction now in place
The ATO can now issue a tax-records education direction which will require an entity to complete an approved record-keeping course where the Commissioner reasonably believes that there has been a failure to comply with one or more specified record-keeping obligations under tax law. This is an alternative to imposing a penalty. It does not apply to Part X of the Fringe Benefits Tax Assessment Act 1986 or Div 900 of the ITAA 1997. Successful completion of the course will mean the relevant entity will no longer be subject to a penalty.
