Document ID: chunk:federal_register_of_legislation:C2025A00009:clause:1_17
Version: federal_register_of_legislation:C2025A00009
Segment Type: clause
Provision Reference: sch 1 cl 17
Character Range: 46645–47222

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.