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 419-65   Automatic suspension of a registration for failing to give an annual report or requested further information  

419-65(1)    
The registration of a * registered CMPTI processing activity of a company is suspended if (and while) the company fails to:

(a)    give a report under section 419-45 during an income year about the activity; or

(b)    comply with a request, given under subsection 419-80(2) during an income year, for further information about the registration.

Note 1:

The registration may be automatically revoked if the report or requested information is not given before the end of an extended period (see subsections 419-70(1) to (3) ).

Note 2:

Suspending the registration will not suspend the maximum 10-year period that the registration of the activity can be in force (see section 419-50 ).

419-65(2)    
For the purposes of this Division (other than this section), the activity is taken:

(a)    during the period of the suspension, never to have been registered for the company and the income year mentioned in paragraph (1)(a) or (b) ; but

(b)    if that period ends, to have been registered during that period for the company and the income year.

Paragraph (b) of this subsection is subject to the registration being revoked under section 419-70 .

Note:

This means that if an assessment of a company ' s income tax for the income year is made on the basis that the company is entitled to the CMPTI tax offset for the activity, during the suspension the assessment may be amended to take account of the fact that the company was never entitled to the offset for the activity (see section 419-90 ).