Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 180.20

Information required

  (1)   The notice that the Commissioner may give if the requirements of section   180 - 15 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 in Schedule   2F to the Income Tax Assessment Act 1936 ) of, income and capital by the * family trust since the start of:

  (a)   the * loss year mentioned in paragraph   180 - 15(2)(a); or

  (b)   the income year mentioned in paragraph   180 - 15(2)(b) or (d); or

  (c)   the earlier income year mentioned in paragraph   180 - 15(2)(c); or

  (d)   if the debt mentioned in paragraph   180 - 15(2)(e) was incurred in the income year mentioned in that paragraph--that income year; or

  (e)   if the debt mentioned in paragraph   180 - 15(2)(e) was incurred in an earlier income year than the one mentioned in that paragraph--the day on which the debt was incurred.

Company knowledge

  (2)   The information need not be within the knowledge of the company at the time the notice is given.

Period for giving information

  (3)   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.

Consequence of not giving the information

  (4)   If the company does not give the information within the period or within such further period as the Commissioner allows:

  (a)   subsection   175 - 10(2), 175 - 15(2), 175 - 20(2), 175 - 25(2), 175 - 30(4), 175 - 85(2) or 175 - 90(2) does not prevent the Commissioner from disallowing the deduction; or

  (b)   subsection   175 - 45(2) or 175 - 50(2) does not prevent the Commissioner from * disallowing the * net capital loss; or

  (c)   subsection   175 - 60(2), 175 - 65(2) or 175 - 70(4) does not prevent the Commissioner from * disallowing the * capital loss;

as the case requires.

No offences or penalties

  (5)   To avoid doubt, subsection   (4) does not cause the company to commit any offence or be liable to any penalty under Part   4 - 25 in Schedule   1 to the Taxation Administration Act 1953 for claiming the deduction, or applying the * net capital loss or * capital loss, in the company's * income tax return.

Table of Subdivisions

195 - A   Pooled development funds (PDFs)

195 - B   Limited partnerships

195 - C   Corporate collective investment vehicles