Update – Dealers to submit voluntary disclosures by 31 December 2018
The opportunity to avoid higher penalties by submitting a voluntary disclosure with the Victorian Commissioner of State Revenue (Commissioner) has been extended.
Dealers who have obtained duty exemptions for “service demonstrator vehicles” or “service loan vehicles” now have until December 31 to make a submission.
As a reminder, the Commissioner may impose a penalty of up to 90 per cent of the unpaid motor vehicle duty where a dealer has failed to make a voluntary disclosure supported by the required information.
To qualify for the reduced penalty tax rate, the following must be included in the voluntary disclosure:
- in respect of each motor vehicle, the make, model, year of manufacture and registration number as at the date of registration or transfer of registration by/to the dealer;
- the purchase price paid for each motor vehicle (inclusive of GST) together with a copy of the tax invoice; and
- any other material relevant to the voluntary disclosure.
This article was written by Dan Perera, Lawyer – Commercial.