Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ryan recently disposed Bitcoin but initially did not report this. After an ATO investigation, the ATO issued an Amended Notice of Amendment which reported that

Ryan recently disposed Bitcoin but initially did not report this. After an ATO investigation, the ATO issued an Amended Notice of Amendment which reported that he would be liable to pay tax liability totalling $100,000 and this was due 1 January 2021. As Ryan did not have access to additional funds in the short term, Ryan was only able to pay the ATO debt 1 January 2022.

Question

Advise Ryan whether he can challenge the new liability imposed.

Assuming Ryan cannot challenge the new liability imposed, advise what administrative penalty and interest charges Ryan will be subject to and what information need to be provided to request a penalty and interest charge reversal.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Family Law

Authors: Samantha Davey

10th Edition

1352009196, 978-1352009194

More Books

Students also viewed these Law questions

Question

a. Did you express your anger verbally? Physically?

Answered: 1 week ago