Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 820 - Thin capitalisation rules  

Subdivision 820-L - Record keeping requirements  

Records about Australian permanent establishments

SECTION 820-962   Records about Australian permanent establishments - exemptions from Australian accounting standards  
General exemption

820-962(1)    
The Commissioner may, by legislative instrument, exempt, for the purposes of subsection 820-960(1A) , a specified class of entities from the requirement to comply with all or part of the *accounting standards for one or more income years if the Commissioner is satisfied that it would be unreasonable for the entities in that class be required to so comply.

Note:

The Commissioner ' s power under this subsection does not extend to the overseas or international accounting standards.

Application for specific exemption

820-962(2)    
An entity (the applicant ) may apply to the Commissioner, in the *approved form, for an exemption from the requirement to comply with all or part of the *accounting standards for one or more income years for the purposes of subsection 820-960(1A) .

820-962(3)    
The Commissioner may grant the exemption in whole or in part if the Commissioner is satisfied that it would be unreasonable for the applicant to be required to so comply.

Note:

The Commissioner ' s power under this subsection does not extend to the overseas or international accounting standards.

820-962(4)    
The Commissioner must give the applicant written notice if the Commissioner:

(a) grants the exemption; or

(b) refuses to grant the exemption.

820-962(5)    
The Commissioner is taken to have refused to grant the exemption if the Commissioner fails to give the applicant a notice under subsection (4) within 60 days after the application is made.

820-962(6)    
A notice under subsection (4) is not a legislative instrument.