Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p16
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 16/79)
Character Range: 2246797–2249440

and tax loss for the income year under Division 268; or
 (c) must have deducted an amount in relation to a debt;
where it would not be allowed to deduct the tax loss or amount in respect of the debt, or would be required to work out its net income and tax loss under that Division, if it did not meet a condition or conditions as mentioned in section 266‑40, 266‑45, 266‑90, 266‑125 or 266‑165 (the conditions provision).

Second requirement
 (3) The Commissioner must be satisfied that the primary trust would not meet the condition or conditions if one or more trusts were not family trusts.

Third requirement
 (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.

Fourth requirement
 (5) The Commissioner must give the notice before the later of:
 (a) 5 years after the end of the income year to which the return relates; and
 (b) the end of the period during which the trustee of the primary trust is required by section 262A to retain records in relation to that income year.

266‑185  Notices where requirements of section 266‑180 are met

Information required
 (1) The notice that the Commissioner may give if the requirements of subsections 266‑180(2) to (5) are met must require the trustee of the primary trust to give the Commissioner specified information about conferrals of present entitlements to, and distributions of, income and capital, since the beginning of the test period mentioned in the conditions provision, by all of the family trusts meeting the requirements of paragraph 266‑180(4)(a) or (b).

Trustee knowledge
 (2) The information need not be within the knowledge of the trustee at the time the notice is given.

Period for giving information
 (3) The notice must specify a period within which the trustee 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 trustee does not give the information within the period or within such further period as the Commissioner allows, the primary trust is taken not to meet, and never to have met, the condition or conditions in the conditions provision.
 (5) If, because of subsection (4), the fixed trust is required to work out under Division 268 its net income and tax loss for the income year mentioned in subsection 266‑180(2), that Division is to be applied as if Subdivision 268‑B required the income year to be divided into such periods as would result in the highest