48AFirst small‑scale technology shortfall statement taken to be assessment of small‑scale shortfall charge

#### 48A First small‑scale technology shortfall statement taken to be assessment of small‑scale shortfall charge (1) This section applies if: (a) a liable entity lodges a small‑scale technology shortfall statement for a year (the assessment year); and (b) a small‑scale technology shortfall statement has not previously been lodged, and an assessment of small‑scale shortfall charge has not previously been made, for the assessment year in relation to the liable entity. (2) The statement has effect as an assessment of the liable entity’s small‑scale technology shortfall for the assessment year and of the small‑scale technology shortfall charge payable on the shortfall. (3) The assessment is taken to have been made on 14 February in the next year or the day on which the statement was lodged, whichever is the later. (4) The small‑scale technology shortfall specified in the statement is taken to be the liable entity’s small‑scale technology shortfall for the assessment year. (5) The amount of small‑scale technology shortfall charge specified in the statement is taken to be the amount of small‑scale technology shortfall charge payable by the liable entity for the assessment year. (6) The statement has effect as if it were a notice of assessment signed by the Regulator and given to the liable entity on the day on which the assessment is taken to have been made.