INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
The Commissioner may give the company a notice in accordance with section 63AD if the requirements of subsections (2) to (5) of this section are met.
63AC(2) First requirement.In its return of income for the year of income, the company must have deducted an amount in respect of a debt where it would not be allowed to deduct the amount unless it met the conditions in section 63AA or 63AB .
63AC(3) Second requirement.In order to determine whether it meets the conditions in that section, the Commissioner must need information about a non-fixed trust mentioned in subsection 63AA(5) or 63AB (5).
63AC(4) Third requirement.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. 63AC(5) Fourth requirement.
The Commissioner must give the notice before the later of:
(a) 5 years after the 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.
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