Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p50
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 50/53)
Character Range: 3034138–3036831

residents that held direct or indirect interests in the Australian resident were individuals;
then, for the purposes of this section, the entity referred to in paragraph (a) is taken not to be a controlling entity of the company but the Australian resident is taken to be a controlling entity of the company.

Notice by controlling entity of loss company
 (4) An entity that was a controlling entity of the *loss company immediately before the alteration time must, before the end of 6 months after the latest of the following:
 (a) the alteration time;
 (b) the day on which the New Business Tax System (Miscellaneous) Act (No. 2) 2000 received the Royal Assent;
 (c) the time (if any) specified by the Commissioner;
give a written notice, setting out the information mentioned in subsection (6), to each of its *associates that, to the loss company's knowledge, had a relevant equity interest or relevant debt interest in the loss company immediately before the alteration time.
Penalty: 30 penalty units.

Notice by loss company
 (5) If:
 (a) there was no controlling entity of the *loss company immediately before the alteration time; or
 (b) no entity that was a controlling entity of the loss company immediately before the alteration time told the loss company in writing, within 2 months after the later of the following:
 (i) the alteration time;
 (ii) the day on which the New Business Tax System (Miscellaneous) Act (No. 2) 2000 received the Royal Assent;
  that it had given, or proposed to give, notices to its associates under subsection (4);
the loss company must, before the end of 6 months after the latest of the following:
 (c) the alteration time;
 (d) the day on which the New Business Tax System (Miscellaneous) Act (No. 2) 2000 received the Royal Assent;
 (e) the time (if any) specified by the Commissioner;
give a written notice, setting out the information mentioned in subsection (6), to each entity that, to the loss company's knowledge, had a relevant equity interest or relevant debt interest in the company immediately before the alteration time.
Penalty: 30 penalty units.

Offences are strict liability
 (5A) An offence under subsection (4) or (5) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Information to be included in notice
 (6) The information to be contained in a notice given under subsection (4) or (5) must include:
 (a) the time that is the alteration time; and
 (b) the amount of the *loss company's overall loss at that time; and
 (c) for each income year for which the loss company had at that time a *tax loss or *net capital loss referred to in subsection 165‑115R(3) or 165‑115S(3)—the