Future Made in Australia (Production Tax Credits and Other Measures) Act 2025 (9 of 2025)

Schedule 1   Hydrogen production tax incentive

Part 2   Shortfall interest charge

Taxation Administration Act 1953

17   Section 280-50 in Schedule 1

Repeal the section, substitute:

280-50 Object of Division

The object of this Division is to neutralise benefits that taxpayers could otherwise receive from:

(a) shortfalls of income tax, *petroleum resource rent tax, *excess non-concessional contributions tax, *Division 293 tax, *diverted profits tax, *Laminaria and Corallina decommissioning levy, *Australian IIR/UTPR tax or *Australian DMT tax; or

(b) excessive tax offset refunds;

so that they do not receive an advantage in the form of a free loan over those who assess correctly.