Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 267 - Income tax consequences for non-fixed trusts of change in ownership or control  

Subdivision 267-D - Information about family trusts with interests in other trusts  

SECTION 267-90   NOTICES WHERE REQUIREMENTS OF SECTION 267-85 ARE MET  

Information required

267-90(1)    

The notice that the Commissioner may give if the requirements of subsections 267-85(2) to (5) are met must require the trustee to give the Commissioner specified information about conferrals of present entitlements to, and distributions of, income and capital, since the beginning of the test period mentioned in the conditions provision, by all of the family trusts meeting the requirements of paragraph 267-85(4)(a) or (b) .

Trustee knowledge

267-90(2)    
The information need not be within the knowledge of the trustee at the time the notice is given.

Period for giving information

267-90(3)    
The notice must specify a period within which the trustee is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice.

Consequence of not giving the information

267-90(4)    
If the trustee does not give the information within the period or within such further period as the Commissioner allows, the primary trust is taken not to meet, and never to have met, the condition or conditions in the conditions provision.

Application of Division 268

267-90(5)    
If, because of subsection (4), the fixed trust is required to work out under Division 268 its net income and tax loss for the income year mentioned in subsection 267-85(2) , that Division is to be applied as if Subdivision 268-B required the income year to be divided into such periods as would result in the highest possible net income for the income year.

No offences or penalties

267-90(6)    
To avoid doubt, subsections (4) and (5) do not cause the trustee of the primary trust to commit any offence or be liable to any penalty under Part VII for deducting the amount concerned, or for not working out the trust ' s net income and tax loss under Division 268 , in the trust ' s return.