Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:10_37:p6
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 10 cl 37 (pt 6/7)
Character Range: 125217–128050

requirements of subsection 165‑220(5); or
 (c) if paragraph 165‑235(2)(c) applies—the requirements of subsection 165‑215(5) as applied on the assumption mentioned in subsection 165‑96(1); or
 (d) if paragraph 165‑235(2)(d) applies—the requirements of subsection 165‑230(5);
are satisfied in relation to the non‑fixed trust mentioned in subsections 165‑235(3) and (4).

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, the company is taken not to meet, and never to have met, the conditions mentioned in whichever paragraph of subsection 165‑235(2) is applicable.

Application of Subdivision 165‑B

 (5) If, because of subsection (4), the company is required to calculate under Subdivision 165‑B its taxable income and *tax loss for the income year concerned, that Subdivision is to be applied as if it required the income year to be divided into such periods as would result in the highest possible taxable income for the income year.

Application of Subdivision 165‑CB

 (6) If, because of subsection (4), the company is required to calculate under Subdivision 165‑CB its *net capital gain and *net capital loss for the income year concerned, that Subdivision is to be applied as if it required the income year to be divided into such periods as would result in the highest net capital gain for the income year.

No offences or penalties

 (7) To avoid doubt, subsections (4) to (6) do not cause the company to commit any offence or be liable to any penalty under Part VII of the Income Tax Assessment Act 1936 for:
 (a) deducting the *tax loss mentioned in paragraph 165‑235(2)(a); or
 (b) not calculating its taxable income and tax loss under Subdivision 165‑B as it applies in accordance with subsection (5) of this section; or
 (c) not calculating its *net capital gain and *net capital loss under Subdivision 165‑CB as it applies in accordance with subsection (6) of this section; or
 (d) applying the *net capital loss mentioned in paragraph 165‑235(2)(c); or
 (e) deducting the debt mentioned in paragraph 165‑235(2)(d);
in the company's return.

165‑245  Meaning of expressions

  The expressions control a non‑fixed trust, directly or indirectly, excepted trust, family trust, fixed entitlement, fixed trust, group, more than a 50% stake and non‑fixed trust have the same meanings as in Schedule 2F to the Income Tax Assessment Act 1936.

Division