INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART VI
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COLLECTION AND RECOVERY OF TAX
Division 1B
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Collection of tax on companies and trustees of certain funds
SECTION 221AS
221AS
STATEMENT AS TO BASIS OF ESTIMATE
If a relevant entity makes an estimate or revised estimate of the income tax that will be payable in respect of its taxable income of a year of income, the entity must, if required to do so by the Commissioner by written notice served on the entity, give to the Commissioner, within the period specified in the notice, a written statement showing the basis on which the estimate or revised estimate, as the case may be, was made and containing such information and explanations in connection with the application of this Division (including, without limiting the generality of the foregoing, information and explanations as to any matters referred to in sub-subparagraphs 221AX(4)(b)(ii)(A) to (H) (inclusive)) as are specified in the notice.
View history note
Hide history noteIf a relevant entity makes an estimate or revised estimate of the income tax that will be payable in respect of its taxable income of a year of income, the entity must, if required to do so by the Commissioner by written notice served on the entity, give to the Commissioner, within the period specified in the notice, a written statement showing the basis on which the estimate or revised estimate, as the case may be, was made and containing such information and explanations in connection with the application of this Division (including, without limiting the generality of the foregoing, information and explanations as to any matters referred to in sub-subparagraphs 221AX(4)(b)(ii)(A) to (H) (inclusive)) as are specified in the notice.
Penalty: $3,000.
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