INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3 - Determination of capital gains and capital losses  

SECTION 160ZCE   INFORMATION ABOUT NON-FIXED TRUSTS WITH INTERESTS IN COMPANY  

160ZCE(1)   Notice about non-resident non-fixed trust.  

The Commissioner may give the company a notice in accordance with section 160ZCF if the requirements of subsections (2) to (5) of this section are met.

160ZCE(2)   Company must have applied a net capital loss in certain circumstances.  

In determining in its return of income for the 1997-98 year of income whether a net capital gain accrued to the company, the company must have applied a net capital loss that is to be taken to have been incurred in the 1996-97 year of income where, under subsection 160ZC(5) , it would not have been allowed to apply the loss if it did not meet the condition in section 165-215 of the Income Tax Assessment Act 1997 , as applied on the assumption mentioned in subsection 160ZC(5) of this Act.

160ZCE(3)   Information about non-fixed trust.  

In order to determine whether it meets the condition, the Commissioner must need information about a non-fixed trust mentioned in subsection 165-215(5) of the Income Tax Assessment Act 1997 , as applied on the assumption mentioned in subsection 160ZC(5) of this Act.

160ZCE(4)   Non-resident trust.  

When the Commissioner gives the notice:

(a) a trustee of the non-fixed trust must be a non-resident; or

(b) the central management and control of the non-fixed trust must be outside Australia.

160ZCE(5)   When notice must be given.  

The Commissioner must give the notice before the later of:

(a) 5 years after the 1997-98 year of income; and

(b) the end of the period during which the company is required by section 262A to retain records in relation to that year of income.