Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p31
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 31/63)
Character Range: 416023–418739

to pay to the Commissioner a penalty equal to the amount that would have been required to be withheld under this Subdivision (disregarding subsection 12‑385(5) and paragraph 12‑390(10)(b)) in relation to amounts attributable to the payment or amount if the notice had been given or the details had been made available.
Note: Division 298 in this Schedule contains machinery provisions for administrative penalties.

12‑420  Agency rules
 (1) This section applies to:
 (a) a payment (the first payment) made to an entity (the first entity) in the capacity as *agent for another entity; and
 (b) another payment made by the first entity to the extent that it is reasonably attributable to the first payment.
 (2) This Subdivision has effect as if the first entity were not an *agent in relation to the payments.
Note: As a result of subsection (2), an agent may be required to withhold amounts under this Subdivision.

12‑425  Meaning of clean building managed investment trust
 (1) A trust is a clean building managed investment trust in relation to an income year if during the income year:
 (a) it is a *withholding MIT in relation to the income year; and
 (b) it holds one or more *clean buildings (including the land on which the buildings are situated); and
 (c) it does not derive assessable income from any *taxable Australian property (other than from the clean buildings or assets that are reasonably incidental to those buildings).

5% safe harbour for certain income reasonably incidental to a clean building
 (2) A trust is not a *clean building managed investment trust in relation to an income year if the assessable income of the trust that is derived from assets that are reasonably incidental to *clean buildings is greater than 5% of the assessable income of the trust that is derived from clean buildings.
 (3) The regulations may specify kinds of assets that are, or are not, reasonably incidental to *clean buildings for the purposes of this section.

12‑430  Meaning of clean building
 (1) A building is a clean building if:
 (a) the construction of the building commenced on or after 1 July 2012; and
 (b) it satisfies the requirements in subsections (3) and (4).
 (2) For the purpose of subsection (1):
 (a) the construction of the building is taken to have commenced at the time the works on the lowest level (including any basement level) of the building commence; and
 (b) the construction of the building is not taken to have commenced merely because works preparing the site for construction, or works undertaken below the lowest level of the building (including any basement level), have commenced.
 (3) A building satisfies the requirements in this subsection if:
 (a) the building is a