Treasury Laws Amendment (Combating Multinational Tax Avoidance) Act 2017 (27 of 2017)

Schedule 2   Increasing penalties for significant global entities

Taxation Administration Act 1953

3   After subsection 284-90(1) in Schedule 1

Insert:

(1A) The *base penalty amount in an item of the table in subsection (1) that applies to you is taken to be doubled if:

(a) on or before the day (your trigger day ) applying to you under subsection (4) for that table item:

(i) the Commissioner has made an assessment of your income tax for one or more income years; or

(ii) the Commissioner has made a determination under subsection 960-555(3) of the Income Tax Assessment Act 1997 in relation to you, or in relation to the *global parent entity for the group of which you are a member, for a period;or

(iii) you have given the Commissioner statements in accordance with Subdivision 815-E of that Act for an income year or another 12 month period; and

(b) you were a *significant global entity for:

(i) whichever of those income years or periods that ends on the most recent day; or

(ii) if more than one of them ends on that most recent day - any of those income years or periods that ends on that most recent day.

Note: For subparagraph (a)(iii), you may be allowed to give statements for a 12 month period other than an income year (see section 815-360 of the Income Tax Assessment Act 1997).

(1B) However, subsection (1A) is taken never to have applied to you in relation to your trigger day if:

(a) the Commissioner makes an assessment of your income tax for the income year that includes your trigger day; and

(b) you are not a *significant global entity for that income year.