Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 180 - Information about family trusts with interests in companies  

Subdivision 180-B - Information relevant to Division 175  

SECTION 180-20   Notice where requirements of section 180-15 are met  

Information required

180-20(1)    

The notice that the Commissioner may give if the requirements of section 180-15 are met must require the company to give the Commissioner specified information about conferrals of present entitlements to, and distributions (within the meaning of Subdivision 272-B in Schedule 2F to the Income Tax Assessment Act 1936 ) of, income and capital by the *family trust since the start of:

(a) the *loss year mentioned in paragraph 180-15(2)(a) ; or

(b) the income year mentioned in paragraph 180-15(2)(b) or (d); or

(c) the earlier income year mentioned in paragraph 180-15(2)(c) ; or

(d) if the debt mentioned in paragraph 180-15(2)(e) was incurred in the income year mentioned in that paragraph - that income year; or

(e) if the debt mentioned in paragraph 180-15(2)(e) was incurred in an earlier income year than the one mentioned in that paragraph - the day on which the debt was incurred.

Company knowledge

180-20(2)    
The information need not be within the knowledge of the company at the time the notice is given.

Period for giving information

180-20(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

180-20(4)    
If the company does not give the information within the period or within such further period as the Commissioner allows:

(a) subsection 175-10(2) , 175-15(2) , 175-20(2) , 175-25(2) , 175-30(4) , 175-85(2) or 175-90(2) does not prevent the Commissioner from disallowing the deduction; or

(b) subsection 175-45(2) or 175-50(2) does not prevent the Commissioner from *disallowing the *net capital loss; or

(c) subsection 175-60(2) , 175-65(2) or 175-70(4) does not prevent the Commissioner from *disallowing the *capital loss;

as the case requires.

No offences or penalties

180-20(5)    

To avoid doubt, subsection (4) does not cause the company to commit any offence or be liable to any penalty under Part 4-25 in Schedule 1 to the Taxation Administration Act 1953 for claiming the deduction, or applying the *net capital loss or *capital loss, in the company ' s *income tax return.