Document ID: chunk:federal_register_of_legislation:C2016A00010:clause:1_34
Version: federal_register_of_legislation:C2016A00010
Segment Type: clause
Provision Reference: sch 1 cl 34
Character Range: 28197–29012

34  At the end of section 280‑100 in Schedule 1
Add:

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.