Document ID: chunk:federal_register_of_legislation:C2025A00009:clause:2_1:p10
Version: federal_register_of_legislation:C2025A00009
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 10/17)
Character Range: 75754–78498

is subject to the registration being revoked under section 419‑70.
Note: This means that if an assessment of a company's income tax for the income year is made on the basis that the company is entitled to the CMPTI tax offset for the activity, during the suspension the assessment may be amended to take account of the fact that the company was never entitled to the offset for the activity (see section 419‑90).

419‑70  Revoking a registration

Automatic revocation if annual report or requested information is not given before the end of an extended period
 (1) The registration of a *registered CMPTI processing activity of a company is revoked at the start of an income year if the company:
 (a) is required during the income year to give a report under section 419‑45 about the activity (for the previous income year); and
 (b) fails to do so before the end of the income year.
 (2) The registration of a *registered CMPTI processing activity of a company is revoked at the start of an income year if the company:
 (a) is required to comply with a request, given under subsection 419‑80(2) during the income year, for further information about the registration; and
 (b) fails to do so before the end of the 60‑day period starting at the end of the period mentioned in that subsection for complying with the request.
 (3) However, subsection (1) or (2) is taken never to have applied for a failure mentioned in that subsection if:
 (a) the company eventually gives the *Industry Secretary:
 (i) for subsection (1)—a report about the activity for the previous income year that complies with subsections 419‑45(1) to (3); or
 (ii) for subsection (2)—the requested further information in a way that complies with subsection 419‑80(4); and
 (b) the company applies to the Industry Secretary for the late report or information (the late material) to be accepted; and
 (c) the application is in a form approved under subsection 419‑150(1); and
 (d) the Industry Secretary decides to accept the late material because the Industry Secretary is satisfied that the delay in giving the late material was due to exceptional circumstances beyond the company's control; and
 (e) the company has paid the application fee (if any) prescribed by the regulations.

Revocation on other grounds
 (4) The *Industry Secretary may decide to revoke all registrations of a *registered CMPTI processing activity if the Industry Secretary:
 (a) is satisfied that the first registration of the activity under subsection 419‑35(2) for any company:
 (i) was based on untrue, incorrect or incomplete information; or
 (ii) was obtained by fraud or serious misrepresentation; or
 (b) is satisfied that no company ever satisfied the requirements to be entitled to a *CMPTI