Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 271 - Family trust distribution tax  

SECTION 271-55   NOTICE REQUIRING INFORMATION ABOUT NON-RESIDENT DISTRIBUTIONS ETC.  

Information required

271-55(1)    
The notice that the Commissioner may give the company, partnership or trustee if the requirements of subsections 271-45(2) to (4) or 271-50(2) to (4) are met must require the company, partners or trustee to give the Commissioner specified information about conferrals of present entitlements to, or distributions of, income or capital since the test time by any company, partnership or trust covered by subsection (2) of this section.

Entities covered

271-55(2)    
The following are covered by this subsection:

(a) the secondary entity; and

(b) any company in respect of which an interposed entity election had been made to be included in the family group of the primary individual, where the company was a non-resident, and the election was in force, when the conferral or distribution took place; and

(c) any partnership in respect of which an interposed entity election had been made to be included in the family group of the primary individual, where any of the partners was a non-resident, and the election was in force, when the conferral or distribution took place; and

(d) any trust in respect of which a family trust election specifying the primary individual had been made or in respect of which an interposed entity election had been made to be included in the family group of the primary individual, where, when the conferral or distribution took place, either a trustee was a non-resident or the trust ' s central management and control were outside Australia.

Information not within knowledge

271-55(3)    
The information need not be within the knowledge of the company, partners or trustee at the time the notice is given.

Period for giving information

271-55(4)    
The notice must specify a period within which the company, partners or trustee is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice.

Company ' s liability

271-55(5)    
If the company does not give the information within the period or within such further period as the Commissioner allows, it, together with each person who was a director of the company at the test time, is jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital mentioned in subsection 271-50 (2).

Partners ' liability

271-55(6)    
If the partners do not give the information within the period or within such further period as the Commissioner allows, they, together with each person who at the test time was a director of any partner that was a company, are jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital mentioned in subsection 271-50 (2).

Trustee ' s liability

271-55(7)    
If the trustee does not give the information within the period or within such further period as the Commissioner allows:

(a) if the trustee is an individual - the trustee is liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital mentioned in subsection 271-45 (2) or 271-50(2); or

(b) if the trustee is a company - the trustee, together with each person who was a director of the company at the test time, is jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital mentioned in subsection 271-45 (2) or 271-50(2).