Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 974.112

Determinations covered by this section

  (1)   This section covers a determination by the Commissioner under any of the following provisions:

  (a)   subsection   974 - 15(4);

  (b)   subsection   974 - 60(3), (4) or (5);

  (c)   section   974 - 65;

  (d)   subsection   974 - 70(4);

  (e)   subsection   974 - 150(1).

Determination on own initiative or on application

  (2)   The Commissioner may make a determination covered by this section:

  (a)   on his or her own initiative; or

  (b)   on an application made under subsection   (3).

Application for determination

  (3)   An entity may apply to the Commissioner for a determination covered by this section in relation to:

  (a)   an interest of which the entity is the issuer; or

  (b)   an interest of which the entity would be the issuer:

  (i)   if the determination were made; or

  (ii)   if the determination were not made.

Note:   Paragraph   (b) may apply, for example, if the effect of the determination applied for would be to allow, or to prevent, a number of related schemes giving rise to a debt interest or an equity interest.

  (4)   The application:

  (a)   must be in writing; and

  (b)   must set out the grounds on which the applicant thinks the determination should be made; and

  (c)   must set out any information relevant to deciding whether to make the determination.

Review of determinations

  (5)   A taxpayer who is dissatisfied with a determination covered by this section may object against the determination in the manner set out in Part   IVC of the Taxation Administration Act 1953 .

Table of sections

974 - 115   Meaning of non - share distribution

974 - 120   Meaning of non - share dividend

974 - 125   Meaning of non - share capital return