Document ID: chunk:federal_register_of_legislation:C2013A00101:clause:2_6
Version: federal_register_of_legislation:C2013A00101
Segment Type: clause
Provision Reference: sch 2 cl 6
Character Range: 39926–41578

6  At the end of Subdivision 284‑C in Schedule 1
Add:

284‑165  Exception—threshold for penalty arising from cross‑border transfer pricing
 (1) You are not liable to an administrative penalty under subsection 284‑145(2B) if your *scheme shortfall amount is equal to or less than your *reasonably arguable threshold.
 (2) You are also not liable to an administrative penalty under that subsection if:
 (a) you have the *scheme shortfall amount because of section 284‑30 (about trusts); and
 (b) the amount by which the trust would, apart from the application of Subdivision 815‑B or 815‑C of the Income Tax Assessment Act 1997, have had a greater *net income, or a lesser *tax loss, is equal to or less than the trust's *reasonably arguable threshold.
 (3) You are also not liable to an administrative penalty under that subsection if:
 (a) you have the *scheme shortfall amount because you are a partner in a partnership that participated in the *scheme; and
 (b) the amount by which the partnership would, apart from the application of Subdivision 815‑B or 815‑C of that Act, have had a greater *net income, or a lesser *partnership loss, is equal to or less than the partnership's *reasonably arguable threshold.

Nil amounts
 (4) For the purposes of this section:
 (a) treat a trust or a partnership that has no *net income for an income year as having a net income for the year of a nil amount; and
 (b) treat a trust that has no *tax loss for an income year as having a tax loss for the year of a nil amount; and
 (c) treat a partnership that has no *partnership loss for an income year as having a partnership loss for the year of a nil amount.