Income Tax Assessment Act 1997
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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.
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