Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 7   Miscellaneous amendments

Part 1   Resource rent taxation

Taxation Administration Act 1953

183   Subsection 284-90(1) in Schedule 1 (cell at table item 4, column headed "In this situation:")

Repeal the cell, substitute:

You have a *shortfall amount, all or part of which resulted from you or your agent treating an *income tax law, the *MRRT law or the *petroleum resource rent tax law as applying to a matter or identical matters in a particular way that was not *reasonably arguable, and that amount is more than the greater of $10,000 or 1% of whichever of the following applies:

(a) the income tax payable by you for the income year, worked out on the basis of your *income tax return;

(b) the *MRRT payable by you for the *MRRT year, worked out on the basis of your *MRRT return;

(c) the *petroleum resource rent tax payable by you for the year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987), worked out on the basis of your return under Division 1 of Part VI of that Act.

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