Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_2
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 75298–76879

2                  if the *under or *over resulted from recklessness by the trustee of the *AMIT or the trustee's agent as to the operation of a *taxation law (other than the *Excise Acts)  50% of the under or over                                                     20% of the under or over

 (4) Despite subsection (3):
 (a) if the penalty specified under column 3 of item 1 of the table in that subsection is less than 60 penalty units—the amount of the penalty is 60 penalty units; and
 (b) if the penalty specified under column 3 of item 2 of the table in that subsection is less than 40 penalty units—the amount of the penalty is 40 penalty units.
 (5) This subsection covers the following:
 (a) an *under of:
 (i) a character relating to assessable income; or
 (ii) a character relating to *exempt income; or
 (iii) a character relating to *non‑assessable non‑exempt income;
 (b) an *over of a character relating to a *tax offset.
 (6) This subsection covers the following:
 (a) an *over of:
 (i) a character relating to assessable income; or
 (ii) a character relating to *exempt income; or
 (iii) a character relating to *non‑assessable non‑exempt income;
 (b) an *under of a character relating to a *tax offset.
 (7) If both items in the table in subsection (3) apply, use item 1 and not item 2.
 (8) If the income year corresponds to a financial year that is a temporary budget repair levy year (within the meaning of section 4‑11 of the Income Tax (Transitional Provisions) Act 1997), treat the reference in subsection (3) to 47% as instead being a reference to 49%.