Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:1_18:p22
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 1 cl 18 (pt 22/23)
Character Range: 73019–75705

resident entity were individuals;
then, for the purposes of this section, the non‑resident entity is taken not to be a controlling entity of the company but the resident entity is taken to be a controlling entity of the company.

Notice by controlling entity of loss company

 (4) An entity that was a controlling entity of the *loss company immediately before the alteration time must, before the end of 6 months after the later of the following:
 (a) the alteration time;
 (b) the day on which the New Business Tax System (Miscellaneous) Act (No. 2) 2000 received the Royal Assent;
give a written notice, setting out the information mentioned in subsection (6), to each of its *associates that, to the loss company's knowledge, had a relevant equity interest or relevant debt interest in the loss company immediately before the alteration time.

Penalty: 30 penalty units.

Notice by loss company

 (5) If:
 (a) there was no controlling entity of the *loss company immediately before the alteration time; or
 (b) no entity that was a controlling entity of the loss company immediately before the alteration time told the loss company in writing, within 2 months after the later of the following:
 (i) the alteration time;
 (ii) the day on which the New Business Tax System (Miscellaneous) Act (No. 2) 2000 received the Royal Assent;
  that it had given, or proposed to give, notices to its associates under subsection (4);
the loss company must, before the end of 6 months after the later of the following:
 (c) the alteration time;
 (d) the day on which the New Business Tax System (Miscellaneous) Act (No. 2) 2000 received the Royal Assent;
give a written notice, setting out the information mentioned in subsection (6), to each entity that, to the loss company's knowledge, had a relevant equity interest or relevant debt interest in the company immediately before the alteration time.

Penalty: 30 penalty units.

Information to be included in notice

 (6) The information to be contained in a notice given under subsection (4) or (5) must include:
 (a) the time that is the alteration time; and
 (b) the amount of the *loss company's overall loss at that time; and
 (c) for each income year for which the loss company had at that time a *tax loss or *net capital loss referred to in subsection 165‑115R(3) or 165‑115S(3)—the type and amount of the loss; and
 (d) the amount of any adjusted unrealised loss that the loss company had at that time; and
 (e) particulars (for the purpose of assisting the entity to whom the notice is given (the recipient) to comply with the requirements of this Subdivision) of the amounts, proportions, and times of *acquisition, of all relevant