Document ID: chunk:federal_register_of_legislation:C2013A00101:clause:2_48
Version: federal_register_of_legislation:C2013A00101
Segment Type: clause
Provision Reference: sch 2 cl 48
Character Range: 51456–52102

48  At the end of section 284‑90 in Schedule 1
Add:
 (3) An entity's reasonably arguable threshold for an income year is:
 (a) unless paragraph (b) applies—the greater of the following amounts:
 (i) $10,000;
 (ii) 1% of the income tax payable, or *MRRT payable (as the case requires), by the entity for the income year, worked out on the basis of the entity's *income tax return or *MRRT return (as the case requires); or
 (b) if the entity is a trust or partnership—the greater of the following amounts:
 (i) $20,000;
 (ii) 2% of the entity's *net income (if any) for the income year worked out on the basis of the entity's *income tax return.