Document ID: chunk:federal_register_of_legislation:C2016C00969:section:12:p2
Version: federal_register_of_legislation:C2016C00969
Segment Type: section
Provision Reference: s 12 (pt 2/4)
Character Range: 51223–53835

than the amount of the income tax referred to in paragraph (a);
 (d) the assessment is to be made in a quarter (in this subsection referred to as the assessment quarter) commencing after the end of the year of income that immediately succeeded the relevant year of income; and
 (e) the index number in relation to the quarter immediately preceding the assessment quarter exceeds the index number in relation to the March quarter of the year of income that immediately succeeded the relevant year of income;
the person is liable to pay, by way of penalty, additional tax equal to an amount ascertained in accordance with the formula
where:
A is:
 (f) in a case to which subparagraph (c)(i) applies—the amount of the income tax referred to in paragraph (a); or
 (g) in a case to which subparagraph (c)(ii) applies—the amount by which the amount of the income tax referred to in paragraph (a) exceeds the amount of claimed tax;
B is the index number in relation to the quarter immediately               preceding the assessment quarter; and
C is the index number in relation to the March quarter referred               to in paragraph (e).
 (3) Where:
 (a) for the purpose of making an assessment, the Commissioner has calculated the trust recoupment tax that is assessable to a person or persons in relation to a taxable amount, not being a secondary taxable amount arising under subsection 6(3); and
 (b) the tax avoidance scheme to which the taxable amount relates was entered into after the commencement of this Act;
the person is liable or, in the case of persons included in an eligible beneficiaries class, the persons are jointly and severally liable, to pay, by way of penalty, additional tax equal to double the amount of the trust recoupment tax referred to in paragraph (a).
 (4) Where:
 (a) for the purpose of making an assessment, the Commissioner has calculated the income tax that is assessable to a person in relation to a year of income (in this subsection referred to as the relevant year of income);
 (b) in the calculation of that income tax an amount was, or amounts were, included in the assessable income of the person by virtue of the application of section 7 in relation to a tax avoidance scheme or tax avoidance schemes entered into after the commencement of this Act; and
 (c) if the amount or amounts had not been included in the assessable income of the person:
 (i) no income tax would have been assessable to the person in relation to the relevant year of income; or
 (ii) there would have been assessable to the person in relation to the relevant year of income an amount of income