INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 63CC   NOTICE WHERE REQUIREMENTS OF SECTION 63CB ARE MET  

63CC(1)   Information required.  

The notice that the Commissioner may give if the requirements of subsections 63CB(2) to (4) are met must require the company to give the Commissioner specified information about conferrals of present entitlements to, and distributions (within the meaning of Subdivision 272-B of Schedule 2F ) of, income and capital, since:

(a) if the debt was incurred in an earlier year of income - the start of the day on which the debt was incurred; or

(b) if the debt was incurred in the year of income - the start of the year of income;

by all of the family trusts meeting the requirements of paragraph 63CB(3)(a) or (b).

63CC(2)   Company knowledge.  

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

63CC(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.

63CC(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 not entitled, and is taken never to have been entitled, to deduct the amount in respect of the debt.

63CC(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 the company's return.