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Suppose XYZ claimed the cost of $400,000 as a deduction for the tax year 2020/21 and, upon a subsequent audit, the Commissioner disallowed the deduction

Suppose XYZ claimed the cost of $400,000 as a deduction for the tax year 2020/21 and, upon a subsequent audit, the Commissioner disallowed the deduction and issued an amended assessment.

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What penalties may be imposed on XYZ? Discuss the relevant legislation and case law to support your answer

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