INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3 - Determination of capital gains and capital losses  

SECTION 160ZCF   NOTICES WHERE REQUIREMENTS OF SECTION 160ZCE ARE MET  

160ZCF(1)   Information required.  

The notice that the Commissioner may give if the requirements of subsections 160ZCE(2) to (5) are met must require the company to give the Commissioner specified information that is relevant in determining whether the requirements of subsection 165-215(5) of the Income Tax Assessment Act 1997 , as applied on the assumption mentioned in subsection 160ZC(5) of this Act, are satisfied in relation to the non-fixed trust mentioned in subsections 160ZCE(3) and (4).

160ZCF(2)   Company knowledge.  

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

160ZCF(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.

160ZCF(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 taken not to meet, and never to have met, the condition mentioned in subsection 160ZCE(2).

160ZCF(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.