Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_7:p6
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 6/6)
Character Range: 1316128–1319064

is, or is part of, your scheme shortfall amount for a scheme to which subsection 284‑145(2B) applies.

Scheme shortfall amount for managed investment trust non‑arm's length income
 (6) Despite subsection (2), your scheme shortfall amount for a *scheme to which subsection 284‑145(2C) applies is the total amount of additional income tax you are liable to pay as mentioned in that subsection.
 (7) 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(2C) applies.

284‑155  Amount of penalty
 (1) Work out the *base penalty amount under section 284‑160. If the base penalty amount is not increased under section 284‑220 or reduced under section 284‑225, this is the amount of the penalty.
 (2) Otherwise, use this formula:
where:
BPA is the *base penalty amount.
increase % is the percentage increase (if any) under section 284‑220.
reduction % is the percentage reduction (if any) under section 284‑225.
 (3) However, the amount of the penalty is twice the amount worked out under subsection (1) or (2) of this section if:
 (a) you are a *significant global entity during an income year that consists of, or includes all or part of, the accounting period to which your *scheme shortfall amount relates; and
 (b) it is not *reasonably arguable that the adjustment provision does not apply.

284‑160  Base penalty amount: schemes
 (1) The base penalty amount for a *scheme to which subsection 284‑145(1) or (2C) applies is, subject to section 284‑224:
 (a) 50% of your *scheme shortfall amount; or
 (b) 25% of your scheme shortfall amount if it is *reasonably arguable that the adjustment provision does not apply.
 (2) The base penalty amount for a *scheme to which subsection 284‑145(2A) applies is, subject to section 284‑224:
 (a) 25% of your *scheme shortfall amount; or
 (b) 10% of your scheme shortfall amount if it is *reasonably arguable that the adjustment provision does not apply.
 (3) The base penalty amount for a *scheme to which subsection 284‑145(2B) applies is worked out using this table and section 284‑224 if relevant:

Base penalty amount
Item                 Column 1                                                                                                                                                                                                                                                                                              Column 2
                     In this situation:                                                                                                                                                                                                                                                                                    The base penalty amount is: