Income Tax Assessment Act 1936

PART IVA - SCHEMES TO REDUCE INCOME TAX  

SECTION 177P   DIVERTED PROFITS TAX - LIABILITY  

177P(1)    
The relevant taxpayer is liable to pay tax at the rate declared by the Parliament on:

(a) if this Part applies to a scheme in respect of the relevant taxpayer for the year of income mentioned in paragraph 177J(1)(a) , in relation to one DPT tax benefit - the DPT base amount for that DPT tax benefit; or

(b) if this Part applies to a scheme in respect of the relevant taxpayer for the year of income mentioned in paragraph 177J(1)(a) , in relation to more than one DPT tax benefit - the sum of the DPT base amounts for those DPT tax benefits.

Note:

The tax is imposed by the Diverted Profits Tax Act 2017 and the rate of the tax is set out in that Act.

177P(2)    
The DPT base amount for a DPT tax benefit is:

(a) if the DPT tax benefit is a tax benefit mentioned in paragraph 177C(1)(a) , (b), (ba) or (bc) - the amount of the DPT tax benefit; or

(b) otherwise - the amount of the DPT tax benefit divided by the standard corporate tax rate.

177P(3)    
The tax is due and payable at the end of 21 days after the Commissioner gives the relevant taxpayer notice of the assessment of the amount of the tax for the year of income mentioned in paragraph 177J(1)(a) .

Note:

For assessments of the amount of the tax see Divisions 145 and 155 in Schedule 1 to the Taxation Administration Act 1953 .