Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 165 - Income tax consequences of changing ownership or control of a company  

Subdivision 165-F - Special provisions relating to ownership by non-fixed trusts  

SECTION 165-240   Notices where requirements of section 165-235 are met  
Information required

165-240(1)    

The notice that the Commissioner may give if the requirements of subsections 165-235(2) to (5) are met must require the company to give the Commissioner specified information that is relevant in determining whether:

(a) if paragraph 165-235(2)(a) applies - the requirements of subsection 165-215(5) ; or

(b) if paragraph 165-235(2)(b) applies - the requirements of subsection 165-220(5) ; or

(c) if paragraph 165-235(2)(c) applies - the requirements of subsection 165-215(5) as applied on the assumption mentioned in subsection 165-96(1) ; or

(d) if paragraph 165-235(2)(d) applies - the requirements of subsection 165-230(5) ;

are satisfied in relation to the *non-fixed trust mentioned in subsections 165-235(3) and (4) .

Company knowledge

165-240(2)    
The information need not be within the knowledge of the company at the time the notice is given.

Period for giving information

165-240(3)    
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.

Consequence of not giving the information

165-240(4)    
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 mentioned in whichever paragraph of subsection 165-235(2) is applicable.

Application of Subdivision 165-B

165-240(5)    
If, because of subsection (4), the company is required to calculate under Subdivision 165-B its taxable income and *tax loss for the income year concerned, that Subdivision is to be applied as if it required the income year to be divided into such periods as would result in the highest possible taxable income for the income year.

Application of Subdivision 165-CB

165-240(6)    
If, because of subsection (4), the company is required to calculate under Subdivision 165-CB its *net capital gain and *net capital loss for the income year concerned, that Subdivision is to be applied as if it required the income year to be divided into such periods as would result in the highest net capital gain for the income year.