TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-25 - CHARGES AND PENALTIES  

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

Subdivision 284-C - Penalties relating to schemes  

Operative provisions

SECTION 284-165   EXCEPTION - THRESHOLD FOR PENALTY ARISING FROM CROSS-BORDER TRANSFER PRICING  

284-165(1)  
You are not liable to an administrative penalty under subsection 284-145(2B) if your * scheme shortfall amount is equal to or less than your * reasonably arguable threshold.

284-165(2)  
You are also not liable to an administrative penalty under that subsection if:


(a) you have the * scheme shortfall amount because of section 284-30 (about trusts); and


(b) the amount by which the trust would, apart from the application of Subdivision 815-B or 815-C of the Income Tax Assessment Act 1997 , have had a greater * net income, or a lesser * tax loss, is equal to or less than the trust ' s * reasonably arguable threshold.

284-165(3)  
You are also not liable to an administrative penalty under that subsection if:


(a) you have the * scheme shortfall amount because you are a partner in a partnership that participated in the * scheme; and


(b) the amount by which the partnership would, apart from the application of Subdivision 815-B or 815-C of that Act, have had a greater * net income, or a lesser * partnership loss, is equal to or less than the partnership ' s * reasonably arguable threshold. Nil amounts

284-165(4)  
For the purposes of this section:


(a) treat a trust or a partnership that has no * net income for an income year as having a net income for the year of a nil amount; and


(b) treat a trust that has no * tax loss for an income year as having a tax loss for the year of a nil amount; and


(c) treat a partnership that has no * partnership loss for an income year as having a partnership loss for the year of a nil amount.




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