INCOME TAX ASSESSMENT ACT 1997 (ARCHIVE)

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS

Division 165 - Income tax consequences of changing ownership or control of a company

Subdivision 165-F - Special provisions relating to ownership by non-fixed trusts

SECTION 165-240 (ARCHIVE) Notices where requirements of section 165-235 are met

CCH Note:

Below is material repealed as inoperative in s 165-240 by No 101 of 2006.

No offences or penalties

165-240(7)
To avoid doubt, subsections (4) to (6) do not cause the company to commit any offence or be liable to any penalty under Part VII of the Income Tax Assessment Act 1936 for:

(a) deducting the *tax loss mentioned in paragraph 165-235(2)(a) ; or

(b) not calculating its taxable income and tax loss under Subdivision 165-B as it applies in accordance with subsection (5) of this section; or

(c) not calculating its *net capital gain and *net capital loss under Subdivision 165-CB as it applies in accordance with subsection (6) of this section; or

(d) applying the *net capital loss mentioned in paragraph 165-235(2)(c) ; or

(e) deducting the debt mentioned in paragraph 165-235(2)(d) ;

in the company's return.

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