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 419-70   Revoking a registration  

Automatic revocation if annual report or requested information is not given before the end of an extended period

419-70(1)    
The registration of a * registered CMPTI processing activity of a company is revoked at the start of an income year if the company:

(a)    is required during the income year to give a report under section 419-45 about the activity (for the previous income year); and

(b)    fails to do so before the end of the income year.

419-70(2)    
The registration of a * registered CMPTI processing activity of a company is revoked at the start of an income year if the company:

(a)    is required to comply with a request, given under subsection 419-80(2) during the income year, for further information about the registration; and

(b)    fails to do so before the end of the 60-day period starting at the end of the period mentioned in that subsection for complying with the request.

419-70(3)    
However, subsection (1) or (2) is taken never to have applied for a failure mentioned in that subsection if:

(a)    the company eventually gives the * Industry Secretary:

(i) for subsection (1) - a report about the activity for the previous income year that complies with subsections 419-45(1) to (3) ; or

(ii) for subsection (2) - the requested further information in a way that complies with subsection 419-80(4) ; and

(b)    the company applies to the Industry Secretary for the late report or information (the late material ) to be accepted; and

(c)    the application is in a form approved under subsection 419-150(1) ; and

(d)    the Industry Secretary decides to accept the late material because the Industry Secretary is satisfied that the delay in giving the late material was due to exceptional circumstances beyond the company ' s control; and

(e)    the company has paid the application fee (if any) prescribed by the regulations.

Revocation on other grounds

419-70(4)    
The * Industry Secretary may decide to revoke all registrations of a * registered CMPTI processing activity if the Industry Secretary:

(a)    is satisfied that the first registration of the activity under subsection 419-35(2) for any company:

(i) was based on untrue, incorrect or incomplete information; or

(ii) was obtained by fraud or serious misrepresentation; or

(b)    is satisfied that no company ever satisfied the requirements to be entitled to a * CMPTI tax offset in relation to the activity.

Note:

This subsection can apply to a registration a company used to hold before it was transferred to the current holder.

419-70(5)    
The * Industry Secretary may decide to revoke the registration of a * registered CMPTI processing activity of a company if the Industry Secretary:

(a)    becomes satisfied that information provided by the company to the Industry Secretary during an income year in relation to the registration involved fraud or serious misrepresentation by or on behalf of the company; or

(b)    reasonably believes:

(i) that, for an income year, the registration is not based on true, correct and complete information; or

(ii) that the company does not satisfy the requirements to be entitled to a * CMPTI tax offset in relation to the activity and an income year.

Notice of decisions

419-70(6)    
The Industry Secretary must, within 30 days after making a decision under paragraph (3)(d) or subsection (4) or (5) , give written notice of the decision to:

(a)    the company, or each company, that holds or held a registration affected by the decision; and

(b)    the Commissioner.