Document ID: chunk:federal_register_of_legislation:C2016A00010:clause:2_1:p4
Version: federal_register_of_legislation:C2016A00010
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 4/6)
Character Range: 42749–45552

asset if it is specified in regulations made for the purposes of this paragraph in relation to CGT assets of that kind.

14‑220  Commissioner clearance certificates
 (1) The Commissioner may certify that, based on information before the Commissioner, there is nothing to suggest that an entity is or will be a foreign resident during a specified period.
Note: Such a certificate could result in you not being required to pay an amount under this Subdivision (see subsection 14‑210(2)).
 (2) A certificate under subsection (1):
 (a) may be issued on application to the Commissioner in the *approved form; and
 (b) is to be in writing; and
 (c) applies only for the purposes of this Subdivision.
 (3) For the purposes of (but without limiting) paragraph 388‑50(1)(c), the Commissioner may require an application for a certificate under subsection (1) to state:
 (a) whether the applicant holds or will hold specified *CGT assets on behalf of another entity during any part of the period for which the certificate is sought; and
 (b) whether the applicant knows or reasonably believes that the other entity is or will be a foreign resident during that period.
Note: Section 388‑50 sets out when an application is in the approved form.
 (4) A certificate issued under subsection (1) is not a legislative instrument.

14‑225  Entity declarations

Declaration that an entity is an Australian resident
 (1) An entity may, in writing, declare that, for a specified period, the entity is and will be an Australian resident.
Note: Such a declaration could result in you not being required to pay an amount under this Subdivision (see subsection 14‑210(3)).

Declaration that asset not an indirect Australian real property interest
 (2) An entity may, in writing, declare that, for a specified period, specified *CGT assets are *membership interests but not *indirect Australian real property interests.
Note: Such a declaration could result in you not being required to pay an amount under this Subdivision (see subsection 14‑210(3)).

Limit on the periods for which declarations have effect
 (3) A period specified in a declaration under this section is of no effect to the extent that it includes days later than 6 months after the day the declaration is made.

Declarations are not legislative instruments
 (4) A declaration under this section is not a legislative instrument.

14‑230  Administrative penalties for false or misleading declarations

Knowingly making false or misleading declarations
 (1) You are liable to pay the Commissioner a penalty of 120 penalty units if:
 (a) you make a statement; and
 (b) the statement is, or purports to be, a declaration under section 14‑225; and
 (c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it;