Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p1
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/16)
Character Range: 1360829–1363496

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%.

288‑120  Prohibited offsets of liabilities using interest etc. accrued on farm management deposits
 (1) The person who made or is making a *farm management deposit is liable to an administrative penalty if:
 (a) the fact that the person made or is making the deposit is the reason why, or one of the reasons why, an amount of interest payable to the *FMD provider in respect of loans or other debts falls short of what it would otherwise be; and
 (b) the shortfall:
 (i) contravenes a requirement, contained in the agreement mentioned in paragraph 393‑20(1)(b) of the Income Tax Assessment Act 1997 in relation to the deposit, as set out in item 8 of the table in section 393‑35 of that Act; or
 (ii) would contravene such a requirement if it were contained in that agreement.
 (2) The amount of the penalty is 200% of so much of the shortfall as contravenes that requirement, or would contravene such a requirement.

288‑125  Producing or supplying electronic sales suppression tools
 (1) You are liable to an administrative penalty of 60 penalty units if you:
 (a) manufacture, develop