Document ID: chunk:federal_register_of_legislation:C2016C00969:section:12:p3
Version: federal_register_of_legislation:C2016C00969
Segment Type: section
Provision Reference: s 12 (pt 3/4)
Character Range: 53618–56207

no income tax would have been assessable to the person in relation to the relevant year of income; or
 (ii) there would have been assessable to the person in relation to the relevant year of income an amount of income tax (in this subsection referred to as the amount of claimed tax) that is less than the amount of the income tax referred to in paragraph (a);
the person is liable to pay, by way of penalty, additional tax equal to:
 (d) in a case to which subparagraph (c)(i) applies—double the amount of the income tax referred to in paragraph (a); or
 (e) in a case to which subparagraph (c)(ii) applies—double the amount by which the amount of the income tax referred to in paragraph (a) exceeds the amount of claimed tax.
 (5) Subject to subsection (6), if at any time, whether before or after the commencement of this section, the Australian Statistician has published or publishes an index number in respect of a quarter in substitution for an index number previously published by him or her in respect of that quarter, the publication of the later index number shall be disregarded for the purposes of this section.
 (6) If at any time, whether before or after the commencement of this section, the Australian Statistician has changed or changes the index reference period for the Consumer Price Index, then, for the purposes of the application of this section after the change took place or takes place, regard shall be had only to the index numbers published in terms of the new index reference period.
 (7) The Commissioner shall make an assessment of the additional tax payable by a person or persons under a provision of this section.
 (8) Notice of an assessment made in respect of a person or persons under subsection (7) may be incorporated in notice of any other assessment made in respect of the person or persons under this Act or the Assessment Act.
 (9) The Commissioner may, in the Commissioner's discretion, remit the whole or any part of the additional tax payable by a person or persons under a provision of this section, but, for the purposes of the application of subsection 33(1) of the Acts Interpretation Act 1901 to the power of remission conferred by this subsection, nothing in this Act shall be taken to preclude the exercise of the power at a time before an assessment is made under subsection (7) of the additional tax.
 (10) In this section, index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of the quarter.