Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 419 - Critical minerals (tax offset for Australian production expenditure)  

Subdivision 419-C - Registering activities and facilities for the CMPTI tax offset  

SECTION 419-55   Transferring a registration  

419-55(1)    
This section applies if a * constitutional corporation (the acquirer ):

(a)    acquires one or more of the facilities used in carrying on an activity that is a * registered CMPTI processing activity for another company (the disposer ); and

(b)    the acquirer commences carrying on the activity at those facilities at or after:

(i) the time the disposer ceases carrying on the activity at those facilities; and

(ii) the time the disposer ' s registration of the activity comes into force (see section 419-50 ); and

(c)    the acquirer seeks a transfer of the registration of the activity after the day of the acquisition.

Note 1:

Transferring the registration will not re-start the maximum 10-year period that the activity can be registered (see subsections 419-50(4) and (5) ).

Note 2:

If the disposer ' s registration of the activity has not come into force (for example, by the disposer not having made a choice under subsection 419-50(2) ), the acquirer should instead apply to register the activity under subsection 419-35(2) .

419-55(2)    
The * Industry Secretary must transfer the registration of the activity to the acquirer if:

(a)    the acquirer requests the transfer by applying to the Industry Secretary before the end of the period determined under subsection (3) that starts on the day of the acquisition; and

(b)    the application identifies:

(i) the activity and each facility where the activity is to be carried on; and

(ii) the basis on which the acquirer considers it will satisfy the requirements to be entitled to a * CMPTI tax offset in relation to the activity; and

(c)    the application states:

(i) that the acquirer is the legal entity that is or will be carrying on the activity at those facilities (after the disposer ceases to do so); and

(ii) the time the acquirer is to commence carrying on the activity at those facilities, and the time the disposer is to cease to do so; and

(d)    the application is in a form approved under subsection 419-150(1) ; and

(e)    the Industry Secretary has no reason to believe that:

(i) the information provided by the acquirer is not true, correct and complete; or

(ii) the acquirer will not satisfy the requirements to be entitled to a CMPTI tax offset in relation to the activity; and

(f)    the acquirer has paid the application fee (if any) prescribed by the regulations.

419-55(3)    
The * Industry Secretary may, by legislative instrument, determine a period of at least 30 days for requesting transfers under this section. For each such request, the period starts on the day of the relevant acquisition.

419-55(4)    
The * Industry Secretary must give written notice of a decision under subsection (2) to the acquirer, the disposer and the Commissioner.

419-55(5)    
If the decision is to transfer the registration, the notice must include a certificate of registration that reflects the transfer.