Document ID: chunk:federal_register_of_legislation:C2024A00134:clause:1_35:p8
Version: federal_register_of_legislation:C2024A00134
Segment Type: clause
Provision Reference: sch 1 cl 35 (pt 8/10)
Character Range: 37704–40306

Assessments of Australian IIR/UTPR tax and Australian DMT tax

Operative provisions

127‑70  When Australian IIR/UTPR tax and Australian DMT tax and related charges are due and payable

Original assessments
 (1) If a *Group Entity of an *Applicable MNE Group is liable to pay an amount of *Australian IIR/UTPR tax or *Australian DMT tax for a *Fiscal Year, the amount is due and payable on the last day of the 15th month after the end of the Fiscal Year.
 (2) However, if the *Fiscal Year is the *Applicable MNE Group's *GloBE Transition Year, the amount is due and payable on the last day of the 18th month after the end of the Fiscal Year.

Amended assessments
 (3) If the Commissioner amends a *Group Entity's assessment of an amount of *Australian IIR/UTPR tax or *Australian DMT tax, any extra such tax resulting from the amendment is due and payable 21 days after the day the Commissioner gives the Group Entity notice of the amended assessment.

Shortfall interest charge
 (4) If a *Group Entity is liable to pay an amount of *shortfall interest charge under section 280‑102E, the amount is due and payable 21 days after the day the Commissioner gives the Group Entity notice of the charge.

General interest charge
 (5) If an amount of *Australian IIR/UTPR tax or *Australian DMT tax or *shortfall interest charge payable under this section remains unpaid after it is due and payable, the *Group Entity is liable to pay *general interest charge on the unpaid amount for each day in the period that:
 (a) started at the beginning of the day by which the amount was due to be paid; and
 (b) finishes at the end of the last day at the end of which any of the following remains unpaid:
 (i) the amount of such tax or shortfall interest charge;
 (ii) general interest charge on any of the amount of such tax or shortfall interest charge.

127‑75  Assessments of Australian IIR/UTPR tax and Australian DMT tax
 (1) In applying Division 155 in relation to an amount of *Australian IIR/UTPR tax or *Australian DMT tax, apply the provisions of that Division with the modification set out in subsection (2) of this section.
 (2) Despite subsection 155‑35(2), the period of review, for an assessment of an amount of *Australian IIR/UTPR tax for a *Fiscal Year, is:
 (a) the period of 4 years starting on the later of:
 (i) the day on which the *GloBE Information Return for the relevant *Applicable MNE Group for the Fiscal Year is given to the Commissioner; and
 (ii) the day on which the *Australian IIR/UTPR tax return for the relevant *Group Entity for the Fiscal Year is given to the Commissioner; or