Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-95 - VALUE SHIFTING  

Division 727 - Indirect value shifting affecting interests in companies and trusts, and arising from non-arm ' s length dealings  

Subdivision 727-F - Consequences of an indirect value shift  

Choices about method to be used

SECTION 727-555   Giving other affected owners information about the choice  

727-555(1)    
An entity that makes a choice under section 727-550 (including a choice made jointly with one or more other entities) must inform all entities that it knows to be ^* affected owners for the ^* indirect value shift about the content of the choice. The entity must do so in writing within one month after making the choice.

Penalty: 30 penalty units.

727-555(2)    
If:

(a) a choice under section 727-550 is made jointly by 2 or more entities; and

(b) one of the entities complies with subsection (1);

no other entity need comply with that subsection in relation to that choice.

727-555(3)    
If an ^* affected owner for an ^* indirect value shift has reason to believe that an entity may have made a choice under section 727-550 (including a choice made jointly with one or more other entities), the affected owner may give the entity a written notice asking whether the entity has made such a choice.

727-555(4)    
Within one month after receiving a notice under subsection (3), an entity must inform the ^* affected owner in writing whether the entity has made a choice under section 727-550 and, if so, about the content of the choice.

Penalty: 30 penalty units.

727-555(5)    
The Commissioner may extend the period for complying with a provision of this section.