Tax Laws Amendment (Election Commitments No. 1) Act 2008 (32 of 2008)

Schedule 1   Distributions of managed investment trust income to foreign residents

Part 3   Consequential amendments

Taxation Administration Act 1953

38   At the end of section 16-195 in Schedule 1

Add:

(2) Subsection (3) applies if an entity has paid an amount of penalty under section 12-415 to the Commissioner for a failure to give a notice, or to make details available on a website, as required by section 12-395 in relation to an amount (the relevant amount ).

(3) The entity may recover from another entity that is liable to pay *managed investment trust withholding tax in relation to an amount attributable to the relevant amount the lesser of:

(a) an amount equal to the amount of that tax that the other entity is liable to pay; and

(b) the amount of the penalty.