Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_7:p2
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 2/6)
Character Range: 1306498–1309033

tax or *Australian DMT tax in relation to the Applicable MNE Group.
 (2) If 2 or more items in that table apply and one of them produces a greater *base penalty amount than any of the others, use that item.
 (3) An entity's reasonably arguable threshold for an income year is:
 (a) unless paragraph (b) applies—the greater of $10,000 or 1% of whichever of the following applies:
 (i) the income tax payable by the entity for the income year, worked out on the basis of the entity's *income tax return;
 (ii) the *petroleum resource rent tax payable by the entity for the year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987) most closely corresponding to the income year, worked out on the basis of the entity's return under Division 1 of Part VI of that Act; 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.
 (3A) For the purposes of item 6A of the table in subsection (1), an entity's threshold for a *Fiscal Year is the greater of:
 (a) $10,000; and
 (b) 1% of whichever of the following applies:
 (i) the amount of *Australian IIR/UTPR tax payable by the entity for the Fiscal Year, worked out on the basis of the entity's *Australian IIR/UTPR tax return for the Fiscal Year;
 (ii) the amount of *Australian DMT tax payable by the entity for the Fiscal Year, worked out on the basis of the entity's *Australian DMT tax return for the Fiscal Year.
 (4) For the purposes of paragraph (1A)(a), the following day applies to you for the relevant item of the table in subsection (1):
 (a) for any of table items 1 to 3C—the day you made the statement referred to in that item;
 (b) for any of table items 4 to 6A —the day you made the statement to which that item relates and that is referred to in subsection 284‑75(2);
 (c) for table item 7—the day the return, notice or other document to which that item relates, and that is referred to in subsection 284‑75(3), was required to be given.

284‑95  Joint and several liability of directors of corporate trustee that makes a false or misleading statement
 (1) This section applies if a trustee of a *self managed superannuation fund, or of a fund that is treated as a self managed superannuation fund under subsection 10(4) of the Superannuation Industry (Supervision) Act 1993:
 (a) is liable to an administrative penalty under subsection 284‑75(1) or (4); and
 (b) is a body