INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 2A - Calculation of taxable income  

Subdivision B - Calculation of taxable income where disqualifying event occurs  

SECTION 50HB   INFORMATION ABOUT NON-FIXED TRUSTS WITH INTERESTS IN COMPANY  

50HB(1)   Notice about non-resident non-fixed trust.  

The Commissioner may give the company a notice in accordance with section 50HC if the requirements of subsections (2) to (5) of this section are met.

50HB(2)   First requirement.  

In its return of income for the year of income, the company must not have calculated its taxable income and loss for the year of income under section 50C where it would be required to calculate its taxable income and loss under that section unless it met the conditions in section 50HA .

50HB(3)   Second requirement.  

In order to determine whether it meets the conditions in that section, the Commissioner must need information about a non-fixed trust mentioned in subsection 50HA(5) .

50HB(4)   Third requirement.  

When the Commissioner gives the notice:

(a) a trustee of the non-fixed trust must be a non-resident; or

(b) the central management and control of the non-fixed trust must be outside Australia.

50HB(5)   Fourth requirement.  

The Commissioner must give the notice before the later of:

(a) 5 years after the year of income; and

(b) the end of the period during which the company is required by section 262A to retain records in relation to that year of income.