Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_7:p4
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 4/6)
Character Range: 1311271–1313913

determination under section 815‑30 of the Income Tax Assessment Act 1997 (also the adjustment provision), get a *scheme benefit from a *scheme; and
 (b) neither subparagraph (1)(b)(i) nor subparagraph (1)(b)(ia) is satisfied for the scheme.
 (2B) You are also liable to an administrative penalty if:
 (a) to give effect to Subdivision 815‑B or 815‑C of the Income Tax Assessment Act 1997 (also the adjustment provision) in relation to a *scheme, the Commissioner:
 (i) amends your assessment for an income year; or
 (ii) serves you with one or more notices under subsection 128C(7) of the Income Tax Assessment Act 1936 in respect of income that is taken because of the application of the adjustment provision to have been derived in the income year; and
 (b) as a result, you are liable to pay an additional amount of income tax or *withholding tax (as the case requires).
Note: Subdivisions 815‑B and 815‑C of the Income Tax Assessment Act 1997 apply the arm's length principle (about transfer pricing) to entities and permanent establishments respectively.
 (2C) You are also liable to an administrative penalty if:
 (a) you are the trustee of a *managed investment trust in relation to an income year; and
 (b) to give effect to Subdivision 275‑L of the Income Tax Assessment Act 1997 (also the adjustment provision) in relation to a *scheme, the Commissioner amends your assessment for the income year; and
 (c) as a result, you are liable to pay an additional amount of income tax (as the case requires).
Note: Subdivision 275‑L of the Income Tax Assessment Act 1997 applies to non‑arm's length income of managed investment trusts.
 (3) It does not matter whether the *scheme, or any part of the scheme, was entered into or carried out inside or outside Australia.

284‑150  Scheme benefits and scheme shortfall amounts
 (1) An entity gets a scheme benefit from a *scheme if:
 (a) a *tax‑related liability of the entity for an accounting period is, or could reasonably be expected to be, less than it would be apart from the scheme or a part of the scheme; or
 (b) an amount that the Commissioner must pay or credit to the entity under a *taxation law for an accounting period is, or could reasonably be expected to be, more than it would be apart from the scheme or a part of the scheme.
 (2) The amount of the *scheme benefit that you would, apart from the adjustment provision, have got from the *scheme is called your scheme shortfall amount.
 (3) However, to the extent that your scheme shortfall amount is due to errors mentioned in section 705‑315 of the Income Tax Assessment Act 1997 that were made in a statement that was made