Income Tax Assessment Act 1936
SCHEDULE 2F
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TRUST LOSSES AND OTHER DEDUCTIONS
Division 266
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Income tax consequences for fixed trusts of abnormal trading or change in ownership
Subdivision 266-B
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Effect of change in ownership of fixed trust
SECTION 266-60
NOTICES WHERE REQUIREMENTS OF SECTION 266-55 ARE MET
Information required
266-60(1)
The notice that the Commissioner may give if the requirements of subsections 266-55(2) to (5) are met must require the trustee to give the Commissioner specified information that is relevant to determining whether the requirements of subsection 266-45(5) are satisfied in relation to the non-fixed trust mentioned in subsections 266-55(3) and (4) .
Trustee knowledge
266-60(2)
The information need not be within the knowledge of the trustee at the time the notice is given.
Period for giving information
266-60(3)
The notice must specify a period within which the trustee is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice.
Consequence of not giving the information
266-60(4)
If the trustee does not give the information within the period or within such further period as the Commissioner allows, the fixed trust is taken not to meet, and never to have met, the conditions in section 266-45 .
Application of Division 268
266-60(5)
If, because of subsection (4), the fixed trust is required to work out under Division 268 its net income and tax loss for the income year mentioned in subsection 266-55(2) , that Division is to be applied as if Subdivision 268-B required the income year to be divided into such periods as would result in the highest possible net income for the income year.
No offences or penalties
266-60(6)
To avoid doubt, subsections (4) and (5) do not cause the trustee of the fixed trust to commit any offence or be liable to any penalty under Part 4-25 in Schedule 1 to the Taxation Administration Act 1953 for deducting the amount concerned, or for not working out the trust ' s net income and tax loss under Division 268 , in its return.
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266-60(1)
The notice that the Commissioner may give if the requirements of subsections 266-55(2) to (5) are met must require the trustee to give the Commissioner specified information that is relevant to determining whether the requirements of subsection 266-45(5) are satisfied in relation to the non-fixed trust mentioned in subsections 266-55(3) and (4) .
Trustee knowledge
266-60(2)
The information need not be within the knowledge of the trustee at the time the notice is given.
Period for giving information
266-60(3)
The notice must specify a period within which the trustee is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice.
Consequence of not giving the information
266-60(4)
If the trustee does not give the information within the period or within such further period as the Commissioner allows, the fixed trust is taken not to meet, and never to have met, the conditions in section 266-45 .
Application of Division 268
266-60(5)
If, because of subsection (4), the fixed trust is required to work out under Division 268 its net income and tax loss for the income year mentioned in subsection 266-55(2) , that Division is to be applied as if Subdivision 268-B required the income year to be divided into such periods as would result in the highest possible net income for the income year.
No offences or penalties
266-60(6)
To avoid doubt, subsections (4) and (5) do not cause the trustee of the fixed trust to commit any offence or be liable to any penalty under Part 4-25 in Schedule 1 to the Taxation Administration Act 1953 for deducting the amount concerned, or for not working out the trust ' s net income and tax loss under Division 268 , in its return.
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