Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 1   Consolidation

Part 6   Notice requirements for inter-entity loss multiplication rules

Income Tax Assessment Act 1997

18   After subsection 165-115ZC(7)


Commissioner's power to specify a later time for giving notice

(7A) The Commissioner may, by written notice given to an entity, or *loss company, that is required to give a notice under subsection (4) or (5), specify a time later than the alteration time as the start of the 6 months mentioned in the subsection.

Commissioner's power to waive requirement for notice

(7B) The Commissioner may give an entity or *loss company a written declaration that subsection (4) or (5) does not apply to require the entity or company to give a notice relating to the alteration time. If the Commissioner does so, the subsection does not apply in relation to the alteration time.

Considerations relating to Commissioner's powers

(7C) In deciding whether to specify a time for the purposes of subsection (4) or (5) or declare that the subsection does not apply, the Commissioner must consider:

(a) the consequences of doing so for each entity to which notice must be given under the subsection (apart from any such declaration); and

(b) any other matters that the Commissioner considers relevant.

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