-Late Filing Penalty
Pursuant to section 139A (5) of the Tax Administration Act 1994, Inland Revenue hereby gives notice to taxpayers with an arranged extension of time through their tax agent, which expired on 31 March 2000, that any 1999 IR3, IR4 and IR5 income tax returns still outstanding 30 days after the publication of this notice will incur a late filing penalty.
The penalties to be imposed are as follows:
Net Annual Income Late Filing Penalty
Below $100,000 $50
Between $100,000 and $1,000,000 inclusive $250
Above $1,000,000 $500
Taxpayers affected by this notice should contact their tax agent immediately to arrange for their tax return to be completed and returned to Inland Revenue.