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 50HC   NOTICES WHERE REQUIREMENTS OF SECTION 50HB ARE MET  

50HC(1)   Information required.  

The notice that the Commissioner may give if the requirements of subsections 50HB(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 50HA(5) are satisfied in relation to the non-fixed trust mentioned in subsections 50HB(3) and (4).

50HC(2)   Company knowledge.  

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

50HC(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.

50HC(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 conditions in section 50HA .

50HC(5)   Application of section 50C .  

If, because of subsection (4), the company is required to calculate its taxable income and loss for the year of income in accordance with section 50C , that section is to be applied as if it required the year of income to be divided into such relevant periods as would result in the highest possible taxable income for the year of income.

50HC(6)   No offences or penalties.  

To avoid doubt, subsections (4) and (5) do not cause the company to commit any offence or be liable to any penalty under Part VII for not calculating its taxable income and loss in accordance with section 50C in its return.