94AAssessment of shortfall penalties

1. The Commissioner may make or amend an assessment of a civil penalty other than under section 142H or 142I in the same way as the Commissioner may make or amend an assessment of the tax in respect of which the penalty is imposed.

2. The Commissioner must assess a shortfall penalty in the same way as the tax to which it relates, but separately from the tax. However, this subsection does not apply to a penalty under section 141ED.

3. The Commissioner may assess a shortfall penalty before or after unpaid tax has been assessed, or has become assessable or payable, or has been paid.

4. If the Commissioner assesses a shortfall penalty in respect of unpaid income tax before the passing of the annual taxing Act, the unpaid income tax shall be calculated by reference to the rates determined by the last preceding annual taxing Act.

5. Unless a tax law specifically provides otherwise, a payment made by, or an amount applied on behalf of, a taxpayer on account of a shortfall penalty does not give rise to a credit towards or in respect of any other tax or tax liability.