History
S 375-865(2) amended by No 88 of 2009.
S 375-865(2) amended by No 58 of 2005. For savings provision, see note under s 375-850.
S 375-865 repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010. S 375-865 formerly read:
SECTION 375-865 How can you lose your entitlement?
375-865(1)
You lose your entitlement to the deduction if the
*
Arts Minister decides to remove the concessional status of your shares.
Note:
The Arts Minister may do this if the FLIC in which you hold shares breaches certain requirements under the FLIC
'
s Act. See sections
32
and
34
of the
Film Licensed Investment Company Act 2005
.
History
S 375-865(1) amended by No 58 of 2005, s 3 and Sch 1 item 11, by substituting the note, effective 27 June 2005. For savings provision, see history note under s 375-850. The note formerly read:
Note: The Arts Minister may do this if the FLIC in which you hold shares breaches the conditions imposed on it under the FLIC
'
s Act. See section 32 of the
Film Licensed Investment Company Act 1998
.
375-865(2)
You also lose your entitlement to the deduction if the Commissioner is satisfied that:
(a)
the
*
FLIC in which you hold the
*
shares has breached a condition under Division 7 of Part 2 of the
Film Licensed Investment Company Act 2005
, or a requirement under section
34
of that Act; and
(b)
the *Arts Minister has been given notice that the Commissioner is satisfied as mentioned in paragraph (a); and
(c)
the Arts Minister has not, within 6 months after that notice, notified the Commissioner that the Arts Minister has made a decision about the alleged breach.
Note:
The Arts Minister
'
s decisions about alleged breaches are made under sections
32
and
34
of the
Film Licensed Investment Company Act 2005
. Subsection (2) above is only relevant in a situation where the Arts Minister has, as far as the Commissioner knows, made
no
decision under those sections.
History
S 375-865(2) amended by No 88 of 2009, s 3 and Sch 5 item 148, by substituting
"
*Arts Minister
"
for
"
Arts Minister
"
in para (b), effective 18 September 2009.
S 375-865(2) amended by No 58 of 2005, s 3 and Sch 1 items 12 to 14, by substituting para (a), omitting
"
of conditions
"
at the end of para (c) and substituting the note, effective 27 June 2005. For savings provision, see note under s 375-850. Para (a) and the note formerly read:
(a)
the
*
FLIC in which you hold the
*
shares has breached a condition imposed on it under the
Film Licensed Investment Company Act 1998
; and
Note: The Arts Minister
'
s decisions about alleged breaches of conditions are made under section 32 of the
Film Licensed Investment Company Act 1998
. Subsection (2) above is only relevant in a situation where the Arts Minister has, as far as the Commissioner knows, made
no
decision under that section.
375-865(3)
If the Commissioner is satisfied of the matters set out in subsection (2), the Commissioner must, within 28 days, give written notice to the
*
Arts Minister about the loss of entitlement that has occurred under subsection (2).
Amendment of assessment
375-865(4)
If you lose your entitlement after you have already got the deduction, your assessment may be amended to disallow the deduction.
S 375-865 inserted by No 108 of 1998.
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