Income Tax Assessment Act 1997
The Commissioner may give the company a notice in accordance with section 165-240 if the requirements of subsections (2) to (5) of this section are met. Tax detriment under Division 165 165-235(2)
In its *income tax return for the income year:
(a) the company must have deducted a *tax loss from a *loss year where it would not be allowed to deduct the tax loss unless it met the conditions in section 165-215 ; or
(b) the company must not have calculated:
(i) its taxable income and tax loss for the income year under Subdivision 165-B ; and
where it would have been required to calculate them unless it met the conditions in section 165-220 ; or
(ii) its *net capital gain and *net capital loss for the income year under Subdivision 165-CB ;
(c) the company must have applied a net capital loss for an earlier income year in working out its net capital gain where it would not have been allowed to apply the loss unless it met the conditions in section 165-215 as applied on the assumption mentioned in subsection 165-96(1) ; or
(d) the company must have deducted a debt that it wrote off as bad in the income year where it would not be allowed to deduct the debt unless it met the conditions in section 165-230 .
In order to determine whether it meets the conditions concerned, the Commissioner must need information about a *non-fixed trust mentioned in:
(a) if paragraph (2)(a) applies - subsection 165-215(5) ; or
(b) if paragraph (2)(b) applies - subsection 165-220(5) ; or
(c) if paragraph (2)(c) applies - subsection 165-215(5) as applied on the assumption mentioned in subsection 165-96(1) ; or
(d) if paragraph (2)(d) applies - subsection 165-230(5) .
When the Commissioner gives the notice:
(a) a trustee of the *non-fixed trust must be a foreign resident; or
(b) the central management and control of the non-fixed trust must be outside Australia.
The Commissioner must give the notice before the later of:
(a) 5 years after the income year; and
(b) the end of the period during which the company is required by section 262A of the Income Tax Assessment Act 1936 to retain records in relation to that income year.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.