Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:7_4:p4
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 7 cl 4 (pt 4/4)
Character Range: 351722–354102

election or selection; or
 (b) an entity giving a notice or exercising an option;
for which this Act expressly provides. However, this subsection does not cover an entity doing such a thing under:
 (c) Subdivision 126‑B (about CGT roll‑overs involving companies in the same wholly‑owned group) of the Income Tax Assessment Act 1997; or
 (d) Subdivision 170‑B of that Act (about transferring a net capital loss between companies in the same wholly‑owned group).

Matters excluded in applying subsection (1) or (2)

 (4) Subsection (1) or (2) does not apply to a matter covered by subsection (3) if an entity entered into or carried out the *scheme (or part of it) for the sole or dominant purpose of creating a circumstance or state of affairs whose existence is necessary for the entity referred to in subsection (3):
 (a) to make the agreement, choice, declaration, election or selection; or
 (b) to give the notice or exercise the option.

Choice under some CGT provisions

 (5) The difference between the 2 amounts is not a *tax benefit or *tax detriment if:
 (a) there would have been no difference between the 2 amounts but for one or more matters covered by subsection (7); and
 (b) the *scheme consisted wholly of that matter or those matters.

 (6) Also, the difference between the 2 amounts is not a *tax benefit or *tax detriment to the extent that the difference between the 2 amounts would have been less but for one or more matters covered by subsection (7), but only if the *scheme consisted wholly of that matter or those matters.

 (7) This subsection covers:
 (a) a choice made under Subdivision 126‑B (about CGT roll‑overs involving companies in the same wholly‑owned group) of the Income Tax Assessment Act 1997; or
 (b) an agreement made under Subdivision 170‑B of that Act (about transferring a net capital loss between companies in the same wholly‑owned group);

45‑640  Commissioner may remit general interest charge in special cases

 (1) The Commissioner may, if he or she is satisfied that because special circumstances exist it would be fair and reasonable to do so, remit the whole or any part of any *general interest charge payable under section 45‑620.

 (2) If the Commissioner does so, section 45‑625 (about credits for tax detriments from schemes) applies, and is taken always to have applied, as if the remitted amount had never been payable.