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 284-155   AMOUNT OF PENALTY  

284-155(1)    
Work out the *base penalty amount under section 284-160 . If the base penalty amount is not increased under section 284-220 or reduced under section 284-225 , this is the amount of the penalty.

284-155(2)    
Otherwise, use this formula:

BPA   +   [BPA   ×   (Increase %   −   Reduction %)]

where:

BPA
is the *base penalty amount.

increase %
is the percentage increase (if any) under section 284-220 .

reduction %
is the percentage reduction (if any) under section 284-225 .

284-155(3)    

However, the amount of the penalty is twice the amount worked out under subsection (1) or (2) of this section if:

(a) you are a *significant global entity during an income year that consists of, or includes all or part of, the accounting period to which your *scheme shortfall amount relates; and

(b) it is not *reasonably arguable that the adjustment provision does not apply.