Penalty tax for failure to exercise reasonable care and remission of General Interest Charge

Whether the taxpayer, who knowingly lodges an incorrect tax return because details of a trust distribution are not yet known, is subject to penalty tax under section 226G of the Income Tax Assessment Act 1936 (ITAA 1936) for lack of reasonable care.

Whether the General Interest Charge (GIC) imposed under section 170AA (ITAA 1936) should be remitted under section 8AAG of the Taxation Administration Act 1953 (1953).