Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:10_15:p2
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 10 cl 15 (pt 2/5)
Character Range: 75241–78016

subsection 165‑96(1); or
 (d) if paragraph (2)(d) applies—satisfies the requirements of paragraph 165‑120(1)(a) or (b);
but it would not do so unless one or more trusts were *family trusts.

Non‑resident trust

 (4) When the Commissioner gives the notice, for at least one of the *family trusts:
 (a) a trustee of the trust must be a non‑resident; or
 (b) the central management and control of the trust must be outside Australia.

When notice must be given

 (5) The Commissioner must give the notice before the later of:
 (a) 5 years after the income year to which the return relates; and
 (b) the end of the period during which the company is required by section 262A of the Income Tax Assessment Act 1936 to retain records in relation to that income year.

180‑10  Notice where requirements of section 180‑5 are met

Information required

 (1) The notice that the Commissioner may give if the requirements of section 180‑5 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 of Schedule 2F to the Income Tax Assessment Act 1936) of, income and capital, since the start of:
 (a) if paragraph 180‑5(2)(a) applies—the *loss year mentioned in that paragraph; or
 (b) if paragraph 180‑5(2)(b) applies—the income year for which that paragraph is being applied; or
 (c) if paragraph 180‑5(2)(c) applies—the earlier income year mentioned in that paragraph; or
 (d) if paragraph 180‑5(2)(d) applies:
 (i) where the debt mentioned in that paragraph was incurred in an earlier income year—the day on which the debt was incurred; or
 (ii) where the debt mentioned in that paragraph was incurred in the income year mentioned in that paragraph—that income year;
by all of the *family trusts meeting the requirements of paragraph 180‑5(4)(a) or (b).

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) if paragraph 180‑5(2)(a) applies—the company is not entitled, and is taken never to have been entitled, to deduct the *tax loss; or
 (b) if paragraph 180‑5(2)(b) applies—the company is required, and taken always to have been required:
 (i) to calculate its taxable income and tax loss for the income year under Subdivision 165‑B; and
 (ii) to calculate its *net capital gain