Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_143:p10
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 143 (pt 10/24)
Character Range: 1173435–1176280

up so much of the principal's business as is carried on in Australia.
 (2) Within 14 days after receiving the instructions, the agent must give written notice of that fact to the Commissioner.
 (3) The Commissioner must, as soon as practicable after receiving the notice, notify the agent of the amount (the notified amount) that the Commissioner considers is enough to discharge any *outstanding tax‑related liabilities that the principal has when the notice is given.
 (4) Before receiving the Commissioner's notice, the agent must not, without the Commissioner's permission, part with any of the principal's assets that are available for discharging the *outstanding tax‑related liabilities.
 (5) After receiving the notice, the agent must set aside:
 (a) out of the assets available for discharging the *outstanding tax‑related liabilities, assets to the value of the notified amount; or
 (b) all of the assets so available, if their value is less than the notified amount.
 (6) The agent must, in that capacity, discharge the *outstanding tax‑related liabilities, to the extent of the value of the assets that the agent is required to set aside.
 (7) The agent is personally liable to discharge the liabilities, to the extent of that value, if the agent contravenes this section.

260‑110  Offence
  A person must not fail to comply with subsection 260‑105(2), (4), (5) or (6).
Penalty: 10 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: See section 4AA of the Crimes Act 1914 for the current value of penalty units.

260‑115  Joint liability of 2 or more agents
  If 2 or more agents are jointly instructed by the principal to wind up the business, the obligations and liabilities under this Subdivision:
 (a) apply to all the agents; but
 (b) may be discharged by any of them.

260‑120  Agent's other obligation or liability
  This Subdivision does not reduce any obligation or liability of the agent or agents arising elsewhere.

Subdivision 260‑E—From deceased person's estate

Table of sections
260‑140 Administered estate
260‑145 Unadministered estate
260‑150 Commissioner may authorise amount to be recovered

260‑140  Administered estate
 (1) This section applies if:
 (a) a person has an *outstanding tax‑related liability when the person dies; and
 (b) either of the following is granted after the death:
 (i) probate of the person's will;
 (ii) letters of administration of the person's estate.
 (2) The Commissioner may, in respect of the liability, deal with the trustee of the deceased person's estate as if:
 (a) the deceased person were still alive; and
 (b) the trustee were the deceased person.
 (3) Without limiting subsection (2), the trustee must:
 (a) provide any returns and other information that the deceased person was liable to provide, or