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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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