Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p7
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 7/17)
Character Range: 1269093–1271848

resource rent tax under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any.
Note: See section 82 of the Petroleum Resource Rent Tax Assessment Act 1987 for when the amount of petroleum resource rent tax and shortfall interest charge becomes due and payable. Section 85 of that Act provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.

280‑102A  Liability to shortfall interest charge—excess non‑concessional contributions tax
 (1) You are liable to pay *shortfall interest charge on an additional amount of *excess non‑concessional contributions tax that you are liable to pay because the Commissioner amends your *excess non‑concessional contributions tax assessment for a financial year.
 (2) The liability is for each day in the period:
 (a) beginning at the start of the day on which *excess non‑concessional contributions tax under your first *excess non‑concessional contributions tax assessment for that year was due to be paid; and
 (b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment.
 (3) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which *excess non‑concessional contributions tax under the earlier amended assessment was due to be paid.
Note: See section 292‑385 of the Income Tax Assessment Act 1997 for when the amount of excess non‑concessional contributions tax becomes due and payable. See section 5‑10 of that Act for when the amount of shortfall interest charge becomes due and payable. Section 292‑390 of that Act provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.

Liability arising because of a financial benefit under a look‑through earnout right
 (4) Subsection (1) does not apply if:
 (a) you provide or receive a *financial benefit under a *look‑through earnout right; and
 (b) you request the Commissioner to amend your *excess non‑concessional contributions tax assessment for a *financial year to take account of the financial benefit; and
 (c) you make that request at or before the time:
 (i) you are required to lodge your *income tax return for the income year in which the financial benefit is provided or received; or
 (ii) you would be so required if you were required to lodge an income tax return for that income year; and
 (d) as a result of paragraph (a),