INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteThe notice that the Commissioner may give if the requirements of section 160ZCC 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 of Schedule 2F) of, income and capital by the family trust since the start of the 1996-97 year of income.
160ZCD(2) Company knowledge.The information need not be within the knowledge of the company at the time the notice is given.
160ZCD(3) Period for giving information.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.
160ZCD(4) Consequence of not giving the information.If the company does not give the information within the period or within such further period as the Commissioner allows, the net capital loss cannot be applied.
160ZCD(5) No offences or penalties.To avoid doubt, subsection (4) does not cause the company to commit any offence or be liable to any penalty under Part VII for previously applying the net capital loss in the company's return.
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