Penalties

[jcuk]

As we are nearing the end of an investigation I have a question on penalties. The investigation was in relation to one year and in the course of it, the officer 'invited' me to review my return filed for the subsequent year in which I made a similar mistake. This was admitted and corrected before the 2004-5 filing deadline (I had filed it early) and the incorrectly paid refund was repaid.

I am likely to get a penalty for the first year 03-04 but is it likely that I will get one for the second year given that it was corrected quite quickly?

[King_Maker]

It could depend on the nature of the "mistake".