Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p8
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 8/16)
Character Range: 1338215–1340675

or other document was required to be given; or
 (b) the entity's assessable income for the income year in which the return, notice or other document is required to be given is more than $1 million but less than $20 million; or
 (c) the entity's *current GST turnover worked out at a time in the month in which the return, notice or other document was required to be given is more than $1 million but less than $20 million.
 (4) The *base penalty amount is multiplied by 5 if:
 (a) the entity concerned is a *large withholder for the month when the return, notice or other document was required to be given; or
 (b) the entity's assessable income for the income year in which the return, notice or other document is required to be given is $20 million or more; or
 (c) the entity's *current GST turnover worked out at a time in the month in which the return, notice or other document was required to be given is $20 million or more.
 (4A) Neither subsection (3) nor (4) applies to the entity, and the *base penalty amount is multiplied by 500, if:
 (a) the failure referred to in subsection (2) is a failure to give a return, notice or other document on time or in the *approved form, as mentioned in subsection 286‑75(1); and
 (b) on or before the day the return, notice or other document is required to be given:
 (i) the Commissioner has made an assessment of the entity's income tax for one or more income years; or
 (ii) the Commissioner has made a determination under subsection 960‑555(3) of the Income Tax Assessment Act 1997 in relation to the entity, or in relation to the *global parent entity for the group of which the entity is a member, for a period; or
 (iii) the entity has given the Commissioner statements in accordance with Subdivision 815‑E of that Act for an income year or another 12 month period; or
 (iv) the entity was a *subsidiary member of a *consolidated group or a *MEC group for one or more income years, and the Commissioner has made an assessment of the income tax of another entity that was a *member of the group for one or more of those income years; and
 (c) the entity was a *significant global entity for:
 (i) whichever of those income years or periods that ends on the most recent day; or
 (ii) if more than one of them ends on that most recent day—any of those income years or periods that ends on that most recent day.
Note: For subparagraph (b)(iii), an entity may be allowed to give statements for a 12 month period