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 280 - Shortfall interest charge  

Subdivision 280-B - Shortfall interest charge  

SECTION 280-102E   LIABILITY TO SHORTFALL INTEREST CHARGE - AUSTRALIAN IIR/UTPR TAX AND AUSTRALIAN DMT TAX  

280-102E(1)    
A * Group Entity is liable to pay * shortfall interest charge on an additional amount of * Australian GloBE tax that the Group Entity is liable to pay because the Commissioner amends the Group Entity ' s assessment of an amount of such tax payable for a * Fiscal Year.

280-102E(2)    
The liability is for each day in the period:

(a)    beginning at the start of the day on which such tax under the * Group Entity ' s first assessment for such tax for that * Fiscal Year was due to be paid, or would have been due to be paid if there had been any; and

(b)    ending at the end of the day before the day on which the Commissioner gave the Group Entity notice of the amended assessment.

280-102E(3)    
However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which such tax under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any.

Note:

See section 127-70 for when the amount of such tax and shortfall interest charge becomes due and payable. That section also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.

Joint Ventures

280-102E(4)    
A reference in this section to a * Group Entity is taken to include a reference to a * GloBE Joint Venture or * GloBE JV Subsidiary that, under the * Minimum Tax Rules, is treated as a * Constituent Entity of a separate * Applicable MNE Group for a * Fiscal Year for the purposes of computing its * Australian GloBE tax for the Fiscal Year.