Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 820 - Thin capitalisation rules  

Subdivision 820-L - Record keeping requirements  

Offences committed by certain entities

SECTION 820-995   Offences - treatment of unincorporated companies  

820-995(1)    
The provisions set out in the following paragraphs (the relevant provisions ) apply, in relation to records required to be kept under this Subdivision, to an unincorporated company as if it were a person, but with the modifications set out in this section:


(a) sections 820-960 , 820-962 and 820-980 ;


(b) section 262A of the Income Tax Assessment Act 1936 ;


(c) Part III of the Taxation Administration Act 1953 .


820-995(2)    
If the relevant provisions would otherwise require or permit something to be done by the company, the thing may be done by one or more members of the company ' s committee of management (the members ) on behalf of the company.

820-995(3)    
An obligation that would otherwise be imposed on the company by the relevant provisions:


(a) is imposed on each member instead; but


(b) may be discharged by any of the members.

820-995(4)    
The members are jointly and severally liable to pay an amount that would otherwise be payable by the company under the relevant provisions.

820-995(5)    
An offence against any of the relevant provisions that would otherwise be committed by the company is taken to have been committed by each member who:


(a) did the relevant act or made the relevant omission; or


(b) aided, abetted, counselled or procured the relevant act or omission; or


(c) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly or whether by any act or omission of the member).

820-995(6)    
For the purposes of subsection (5), to establish that the company had a particular state of mind when it engaged in a particular conduct, it is sufficient to show that a member had the relevant state of mind.



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