Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p5
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 5/79)
Character Range: 2221555–2224220

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, unless it met the conditions in section 266‑45.

Second requirement
 (3) In order to determine whether it meets the conditions in section 266‑45, the Commissioner must need information about a non‑fixed trust mentioned in subsection 266‑45(5).

Third requirement
 (4) When the Commissioner gives the notice:
 (a) a trustee of the non‑fixed trust must be a non‑resident; or
 (b) the central management and control of the non‑fixed 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 mentioned in subsection (2); and
 (b) the end of the period during which the trustee of the fixed trust is required by section 262A to retain records in relation to that income year.

266‑60  Notices where requirements of section 266‑55 are met

Information required
 (1) The notice that the Commissioner may give if the requirements of subsections 266‑55(2) to (5) are met must require the trustee to give the Commissioner specified information that is relevant to determining whether the requirements of subsection 266‑45(5) are satisfied in relation to the non‑fixed trust mentioned in subsections 266‑55(3) and (4).

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 fixed trust is taken not to meet, and never to have met, the conditions in section 266‑45.

Application of Division 268
 (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 266‑55(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 possible net income for the income year.

No offences or penalties
 (6) To avoid doubt, subsections (4) and (5) do not cause the trustee of the fixed trust to commit any offence or be liable to any penalty under Part 4‑25 in Schedule 1 to the Taxation Administration Act 1953 for deducting the amount