Gerald recently wrote to the ATO and requested a Private Ruling in respect to a planned investment he planned to make. He received a Private Ruling back from the Commissioner of Taxation which advised him that he would be entitled to a full deduction of the management fees he was expected to pay as part of this investment. Unfortunately for Gerald he failed to advise some important aspects of the investment, which, if he had advised the Commisssioner, it is unlikely that he would have been entitled to the full deduction. If Gerald is later subject to an audit in respect to this investment what is likely to be Gerald's position with respect to any penalties that may be imposed against him as a result of the audit?

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The Answer of Gerald recently wrote to the ATO and requested a Private Ruling in respect to a planned investment he planned to make. He received a Private Ruling back from the Commissioner of Taxation which advised him that he would be entitled to a full deduction of the management fees he was expected to pay as part of this investment. Unfortunately for Gerald he failed to advise some important aspects of the investment, which, if he had advised the Commisssioner, it is unlikely that he would have been entitled to the full deduction. If Gerald is later subject to an audit in respect to this investment what is likely to be Gerald's position with respect to any penalties that may be imposed against him as a result of the audit?

Gerald Recently Wrote to the ATO and Requested a Private