INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
The Commissioner may give a company a notice in accordance with section 63CC if the requirements of subsections (2) to (4) of this section are met.
In its return of income for a year of income, the company must have deducted an amount in respect of a debt incurred in the year of income or an earlier year of income, where it was allowed to do so but would not have been unless one or more trusts had been family trusts (see subsection (5)).63B(3) Second requirement.
(a) a trustee of the trust must be a non-resident; or
(b) the central management and control of the trust must be outside Australia. 63CB(4) Third requirement.
(a) 5 years after the year of income to which the return relates; and
(b) the end of the period during which the company is required by section 262A to retain records in relation to that year of income. 63CB(5) Family trust.