Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p5
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 5/17)
Character Range: 1264283–1266990

and Corallina decommissioning levy
           280‑102E Liability to shortfall interest charge—Australian IIR/UTPR tax and Australian DMT tax
           280‑103 Liability to shortfall interest charge—general
           280‑105 Amount of shortfall interest charge
           280‑110 Notification by Commissioner

280‑100  Liability to shortfall interest charge—income tax
 (1) You are liable to pay *shortfall interest charge on an additional amount of income tax that you are liable to pay because the Commissioner amends your assessment for an income year.
 (2) The liability is for each day in the period:
 (a) beginning at the start of the day on which income tax under your first assessment for that income year was due to be paid, or would have been due to be paid if there had been any; and
 (b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment.
 (3) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which income tax under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any.
Note: See Division 5 of the Income Tax Assessment Act 1997 for when the amount of income tax and shortfall interest charge becomes due and payable. That Division also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.

Liability arising because of a financial benefit under a look‑through earnout right
 (5) Subsection (1) does not apply if:
 (a) you provide or receive a *financial benefit under a *look‑through earnout right; and
 (b) you request the Commissioner to amend your assessment for an income year (the taxing year) to take account of the financial benefit; and
 (c) you make that request at or before the time:
 (i) you are required to lodge your *income tax return for the income year in which the financial benefit is provided or received; or
 (ii) you would be so required if you were required to lodge an income tax return for that income year; and
 (d) as a result of paragraph (a), you are liable to pay an additional amount of income tax for the taxing year.

280‑101  Liability to shortfall interest charge—excess exploration credit tax
 (1) You are liable to pay *shortfall interest charge on an additional amount of *excess exploration credit tax that you are liable to pay because the Commissioner amends your assessment for an income year.
 (2) The liability is for each day