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01 Oct 2005

Shortfall penalty - unacceptable interpretation and unacceptable tax position

This Interpretation Statement sets out the Commissioner's view on shortfall penalties imposed under section 141B of the Tax Administration Act 1994 ("the TAA") for an "unacceptable interpretation" of a tax law in relation to a tax position taken by a taxpayer (applicable before 1 April 2003) and an "unacceptable tax position" taken by a taxpayer on or after 1 April 2003.