Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p11
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 11/25)
Character Range: 7339857–7342562

to the overseas or international accounting standards.
 (4) The Commissioner must give the applicant written notice if the Commissioner:
 (a) grants the exemption; or
 (b) refuses to grant the exemption.
 (5) The Commissioner is taken to have refused to grant the exemption if the Commissioner fails to give the applicant a notice under subsection (4) within 60 days after the application is made.
 (6) A notice under subsection (4) is not a legislative instrument.

820‑965  Review of Commissioner's decision
  A person who is dissatisfied with a decision of the Commissioner under subsection 820‑962(3) may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953.

Records about arm's length amounts

820‑980  Records about arm's length capital amount
 (1) An entity must keep records under this section for an *arm's length capital amount that the entity worked out for the purposes of this Division.
 (2) The records must contain particulars about the factual assumptions and relevant factors mentioned in section 820‑315 or 820‑410 (as appropriate) that have been taken into account in working out that amount.
 (3) The entity must prepare the records before the time by which the entity must lodge its *income tax return for the income year in relation to all or a part of which the amount is worked out.
Note: A person must comply with the requirements in section 262A of the Income Tax Assessment Act 1936 about the keeping of these records (see subsections (2AA) and (3) of that section).

820‑985  Records about group ratio
 (1) An entity must keep records under this section for a *group ratio that the entity worked out for the purposes of this Division.
 (2) The records must:
 (a) contain particulars that have been taken into account in working out the *group ratio; and
 (b) be sufficient for a reasonable person to understand how the group ratio has been worked out.
 (3) The entity must prepare the records before the earlier of the following times:
 (a) the time by which the entity must lodge its *income tax return for the income year in relation to all or a part of which the amount is worked out;
 (b) the time at which the entity lodges its *income tax return for that income year.
Note: A person must comply with the requirements in section 262A of the Income Tax Assessment Act 1936 about the keeping of these records (see subsections (2AA) and (3) of that section).

Offences committed by certain entities

820‑990  Offences—treatment of partnerships
 (1) The provisions set out in the following paragraphs (the relevant provisions) apply, in relation to records required to be kept under this Subdivision, to a partnership as if it