280-50
CurrentObject of Division
Volume 2Schedule 1, Chapter 2, Part 2-10 to Chapter 4, Part 4-25 (sections 45-1 to 298-110)
Schedule 1Collection and recovery of income tax and other liabilities
Chapter 4Generic assessment, collection and recovery rules
Part 4-25Charges and penalties
Division 280Shortfall interest charge
Subdivision 280-AObject of Division
280-50 Object of Division
The object of this Division is to neutralise benefits that taxpayers could otherwise receive from:
(a)
shortfalls of income tax, *petroleum resource rent tax, *excess non‑concessional contributions tax, *Division 293 tax, *Division 296 tax, *diverted profits tax, *Laminaria and Corallina decommissioning levy, *Australian IIR/UTPR tax, *Australian DMT tax or *news media bargaining charge; or
(b)
excessive tax offset refunds;
so that they do not receive an advantage in the form of a free loan over those who assess correctly.
This Act’s bill:Second reading speech
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