The draft interpretation statement explains the meaning and application of “unacceptable tax position” under s 141B. It correctly limits the scope of s 141B to income tax (excluding withholding-type taxes) and, from 1 January 2027, multinational top-up tax. The statement reiterates the objective “about as likely as not to be correct” standard, sets out the timing and one-month case-law window, distinguishes calculation/recording mistakes from legal positions, summarises reliance on Commissioner’s official opinions and private binding rulings, and provides practical examples.

CA ANZ considers the draft to be technically sound in its treatment of scope, thresholds, and the objective nature of the section 141B test. The inclusion of examples is expected to promote consistent and fair penalty outcomes.

CA ANZ also provides suggestions to enhance both this document and the accompanying draft Fact Sheet.