INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 3 - Provisional tax  

Subdivision B - Provisional tax avoidance schemes  

SECTION 221YHAAB  

221YHAAB   ADDITIONAL ESTIMATES AND INFORMATION REQUIRED TO BE SET OUT IN STATEMENT ESTIMATING TAXABLE INCOME  
Without limiting the generality of the information required to be set out in a statement furnished under subsection 221YDA(1) , where a taxpayer furnishes a statement under that subsection setting out the estimated taxable income of the taxpayer for a year of income (in this section referred to as the ``current year of income'' ), the statement shall also include:

(a) in a case where:

(i) the taxpayer is not a taxpayer in the capacity of a trustee;

(ii) either of the following sub-subparagraphs apply:

(A) the taxable income of the taxpayer of the last preceding year of income consisted of, or included, family partnership income in relation to a partnership that was a family partnership of the taxpayer in relation to the last preceding year of income or family trust income in relation to a trust estate that was a family trust of the taxpayer in relation to the last preceding year of income;

(B) there was a family partnership loss of the taxpayer in the last preceding year of income in relation to a partnership that was a family partnership of the taxpayer in relation to the last preceding year of income; and

(iii) the partnership or trust estate, as the case may be, is, or might reasonably be expected to be, a family partnership or family trust, as the case may be, of the taxpayer in relation to the current year of income,

an estimate, in respect of the partnership or trust estate, of the family partnership income or the family partnership loss, or the family trust income, as the case may be, of the taxpayer for the current year of income; and

(b) in any case - such other information, estimates and explanations in connection with the application of this Subdivision as is specified in the form in which the statement is required to be furnished.