Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:4_7
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 4 cl 7
Character Range: 154911–155544

7  After subsection 284‑145(2B) in Schedule 1
Insert:
 (2C) You are also liable to an administrative penalty if:
 (a) you are the trustee of a *managed investment trust in relation to an income year; and
 (b) to give effect to Subdivision 275‑L of the Income Tax Assessment Act 1997 (also the adjustment provision) in relation to a *scheme, the Commissioner amends your assessment for the income year; and
 (c) as a result, you are liable to pay an additional amount of income tax (as the case requires).
Note: Subdivision 275‑L of the Income Tax Assessment Act 1997 applies to non‑arm's length income of managed investment trusts.