INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3 - Determination of capital gains and capital losses  

SECTION 160ZCB   NOTICE WHERE REQUIREMENTS OF SECTION 160ZCA ARE MET  

160ZCB(1)   Information required.  

The notice that the Commissioner may give if the requirements of section 160ZCA are met must require the company to give the Commissioner specified information about conferrals of present entitlements to, and distributions (within the meaning of Subdivision 272-B of Schedule 2F) of, income and capital, since the start of the 1996-97 year of income by all of the family trusts meeting the requirements of paragraph 160ZCA(4)(a) or (b).

160ZCB(2)   Company knowledge.  

The information need not be within the knowledge of the company at the time the notice is given.

160ZCB(3)   Period for giving information.  

The notice must specify a period within which the company is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice.

160ZCB(4)   Consequence of not giving the information.  

If the company does not give the information within the period or within such further period as the Commissioner allows, the company is not entitled, and is taken never to have been entitled, to apply the net capital loss.

160ZCB(5)   No offences or penalties.  

To avoid doubt, subsection (4) does not cause the company to commit any offence or be liable to any penalty under Part VII for applying the net capital loss in the company's return.