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TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES    View history reference

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules    View history reference

PART 4-25 - CHARGES AND PENALTIES  

Division 284 - Administrative penalties for statements, unarguable positions and schemes    View history reference

Subdivision 284-B - Penalties relating to statements    View history reference

Operative provisions

SECTION 284-80  SHORTFALL AMOUNTS  

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284-80(1)  

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You have a shortfall amount if an item in this table applies to you. That amount is the amount by which the relevant liability, or the payment or credit, is less than or more than it would otherwise have been.
Shortfall amounts
ItemYou have a shortfall amount in this situation:
1A *tax-related liability of yours for an accounting period, or for a *taxable importation, or under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , worked out on the basis of the statement is less than it would be if the statement were not false or misleading
2An amount that the Commissioner must pay or credit to you under a *taxation law (other than the *Excise Acts) for an accounting period, or under a tourist refund scheme under Division 168 of the *GST Act or Division 25 of the A New Tax System (Wine Equalisation Tax) Act 1999 , worked out on the basis of the statement is more than it would be if the statement were not false or misleading
3A *tax-related liability of yours for an accounting period worked out on the basis of the statement is less than it would be if the statement did not treat an *income tax law or the *petroleum resource rent tax law as applying in a way that was not *reasonably arguable
4An amount that the Commissioner must pay or credit to you under an *income tax law or the *petroleum resource rent tax law for an accounting period worked out on the basis of the statement is more than it would be if the statement did not treat an income tax law or the petroleum resource rent tax law as applying in a way that was not *reasonably arguable
5You are liable to pay to the Commissioner an amount of *excess exploration credit tax
6(Repealed by No 75 of 2005)

[ CCH Note: S 284-80(1) will be amended by No 15 of 2018, s 3 and Sch 1 item 64, by repealing table item 5, effective 1 July 2023. For saving provisions, see note under s 45-340 .]

284-80(2)  

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However, if:


(a) your shortfall amount arises in the situation covered by both item 1 in the table and item 1, 2 or 3 in the table in subsection 284-90(1) ; and


(b) the statement is false or misleading because of errors mentioned in section 705-315 of the Income Tax Assessment Act 1997 that were made in it and it was made before the Commissioner became aware of the errors, your shortfall amount is instead the amount worked out using the formula:

Graphic


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where:

adjusted reset cost base asset setting amount means:


(a) the *tax cost setting amount, worked out under Division 705 of the Income Tax Assessment Act 1997 , for all assets of a kind referred to in section 705-35 of that Act as reset cost base assets that the *head company of the relevant group held continuously from the time when the *subsidiary member referred to in subsection 705-315(2) of that Act joined the group until the start of the head company ' s income year in which the Commissioner became aware of the errors mentioned in section 705-315 of that Act;

less:


(b) the head company ' s deductions under Division 40 (except under Subdivision 40-F , 40-G , 40-H or 40-I ) or Subdivision 328-D of the Income Tax Assessment Act 1997 for those assets for all income years before the income year in which the Commissioner became aware of the errors.

capital gain (Repealed by No 107 of 2003)

original reset cost base asset setting amount means the *tax cost setting amount, worked out under Division 705 of the Income Tax Assessment Act 1997 , for all reset cost base assets that the *subsidiary member held at the time it joined the group, other than assets that the *head company no longer held at the start of the earliest income year for which the Commissioner could amend the head company ' s assessment to correct any of the errors.

tax on capital gain means the product of:


(a) the *capital gain that the *head company makes as a result of *CGT event L6 happening as mentioned in section 104-525 of the Income Tax Assessment Act 1997 ; and


(b) the *corporate tax rate in respect of taxable income for the income year in which that CGT event happens.


 



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