INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 63AD   NOTICES WHERE REQUIREMENTS OF SECTION 63AC ARE MET  

63AD(1)   Information required.  

The notice that the Commissioner may give if the requirements of subsections 63AC(2) to (5) are met must require the company to give the Commissioner specified information that is relevant in determining whether the requirements of subsection 63AA(5) or 63AB (5) are satisfied in relation to the non-fixed trust mentioned in subsections 63AC(3) and (4).

63AD(2)   Company knowledge.  

The information need not be within the knowledge of the company at the time the notice is given.

63AD(3)   Period for giving information.  

The notice must specify a period within which the company is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice.

63AD(4)   Consequence of not giving the information.  

If the company does not give the information within the period or within such further period as the Commissioner allows, the company is taken not to meet, and never to have met, the conditions in section 63AA or 63AB .

63AD(5)   No offences or penalties.  

To avoid doubt, subsection (4) does not cause the company to commit any offence or be liable to any penalty under Part VII for deducting the amount in respect of the debt in its return.