Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_4
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 73705–75006

4  At the end of Division 288 in Schedule 1
Add:

288‑115  AMIT under or over resulting from intentional disregard of or recklessness as to taxation law
 (1) An entity is liable to an administrative penalty if:
 (a) the entity is a trustee of an *AMIT for an income year (the base year); and
 (b) the AMIT has an *under or *over for the base year; and
 (c) at least one of the items in the table in subsection (3) applies in respect of the under or over.
 (2) To avoid doubt, subsection (1) has a separate operation in respect of each *under or *over mentioned in paragraph (1)(b).
 (3) The amount of the penalty is 47% of the amount worked out using this table:

Amount of penalty
Item               Column 1                                                                                                                                                                   Column 2                                                                     Column 3
                   In this situation …                                                                                                                                                        in the case of an *under or *over covered by subsection (5), the amount is:  in the case of an *under or *over covered by subsection (6), the amount is: