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QUESTION 1 2 . 7 ( Calculation of base penalty amount ) During an audit of his 2 0 2 1 / 2 2 income
QUESTION Calculation of base penalty amount During an audit of his income tax return, Selwyn Vasic was found to have omitted $ of assessable income. The tax return originally lodged by Selwyn disclosed taxable income of $ 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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