Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Act 2013 (101 of 2013)

Schedule 2   Modernisation of transfer pricing rules

Part 1   Main amendments

Taxation Administration Act 1953

4   At the end of section 284-150 in Schedule 1

Add:

Scheme shortfall amount for cross-border transfer pricing

(4) Despite subsection (2), your scheme shortfall amount for a *scheme to which subsection 284-145(2B) applies is the total amount of additional income tax and *withholding tax you are liable to pay as mentioned in that subsection.

(5) Disregard your *scheme shortfall amount for a *scheme to which subsection 284-145(1) applies to the extent that scheme shortfall amount is attributable to additional tax that is, or is part of, your scheme shortfall amount for a scheme to which subsection 284-145(2B) applies.