Commonwealth Consolidated Acts Commonwealth Consolidated ActsTax payable
(1) If:
(a) the DAA cancels a certificate in relation to an infrastructure borrowing; and
(b) for any year of income (whether the one in which the cancellation takes place or an earlier or later one), there is a tax benefit amount in relation to the certificate;
the holder of the certificate at the time of the cancellation is liable to pay tax on an amount (an infrastructure certificate cancellation amount ) worked out using the formula:
where
(a) if the year of income to which the tax benefit amount relates is:
(i) the year of income in which the act or omission that was the ground, or the first act or omission that was a ground, relied on by the DAA for cancelling the certificate occurred; or
(ii) an earlier year of income;
the fraction worked out using the formula:
; or
(b) in any other case--the number 1.
Assessment of amount
(2) The Commissioner may make an assessment of the tax payable by a taxpayer under this section. In making or amending the assessment, and in dealing with any objection, appeal or review in relation to the assessment or amended assessment, the Commissioner may rely in whole or in part on advice given by the DAA under section 93ZF of the DAA Act.
Incorporation in other notices
(3) This Act does not prevent notice of the assessment being incorporated in a notice of any other assessment made in respect of the taxpayer under this Act.
References in other provisions
(4) Unless the contrary intention appears, in sections 172, 174, 254 and 255 and former sections 204, 215 and 216, but not in any other section of this Act, income tax or tax includes tax payable under this section.
(5) Division 5 of the Income Tax Assessment Act 1997 (How to work out when to pay your income tax) applies to tax payable under this section in the same way as that Division applies to income tax.