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INCOME TAX ASSESSMENT ACT 1997 - SECT 815.30 Determinations negating transfer pricing benefit

INCOME TAX ASSESSMENT ACT 1997 - SECT 815.30

Determinations negating transfer pricing benefit

  (1)   The determinations the Commissioner may make are as follows:

  (a)   a determination of an amount by which the taxable income of the entity for an income year is increased;

  (b)   a determination of an amount by which the tax loss of the entity for an income year is decreased;

  (c)   a determination of an amount by which the * net capital loss of the entity for an income year is decreased.

  (2)   If the Commissioner makes a determination under subsection   (1), the determination is taken to be attributable, to the relevant extent, to such of the following as the Commissioner may determine:

  (a)   an increase of a particular amount in assessable income of the entity for an income year under a particular provision of this Act;

  (b)   a decrease of a particular amount in particular deductions of the entity for an income year;

  (c)   an increase of a particular amount in particular capital gains of the entity for an income year;

  (d)   a decrease of a particular amount in particular capital losses of the entity for an income year.

  (3)   If the Commissioner makes a determination under subsection   (1), the Commissioner must make a determination under subsection   (2), unless it is not possible or practicable for the Commissioner to do so.

Example:   If section   815 - 25 is relevant in working out the transfer pricing benefit an entity gets, this subsection requires the Commissioner to make a determination relating to the debt deductions of the entity.

  (4)   Nothing done under subsection   (2) affects the validity of a determination made under subsection   (1).

  (5)   The Commissioner may take such action as the Commissioner considers necessary to give effect to a determination under this section.

  (6)   The Commissioner must give a copy of a determination under this section to the entity.

  (7)   A failure to comply with subsection   (6) does not affect the validity of the determination.

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