Document ID: chunk:federal_register_of_legislation:C2004A00897:clause:1_4:p5
Version: federal_register_of_legislation:C2004A00897
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 5/7)
Character Range: 211905–214682

and equity of the notional entity for that year; and
 (iii) for the purposes of the statement of financial performance—the revenues and expenses that are attributable to the Australian permanent establishments for that year were the revenues and expenses of the notional entity for that year; and
 (iv) a reference to a financial year in the accounting standards were a reference to an income year.

 (3) In this section, statement of financial position and statement of financial performance have the same respective meanings as in the *accounting standards and include all the notes required to accompany them under the standards.

 (4) Despite subsections (2) and (3), the Commissioner may decide that an entity is not required to comply with all or any part of the *accounting standards for one or more income years for the purposes of this section if the Commissioner is satisfied that it would be unreasonable that the entity be required to do so.

 (5) The Commissioner:
 (a) may make a decision under subsection (4) in such cases and to such extent as the Commissioner thinks fit; and
 (b) must make the decision in writing.

820‑965  Review of Commissioner's decision

  A person who is dissatisfied with a decision of the Commissioner under subsection 820‑960(4) 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 debt amount and arm's length capital amount

 (1) An entity must keep records under this section for an *arm's length debt amount or *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 820‑105, 820‑215, 820‑315 or 820‑410 (as appropriate) that have been taken into account in working out that amount.

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 were a person, but with the modifications set out in this section:
 (a) sections 820‑960 and 820‑980;
 (b) section 262A of the Income Tax Assessment Act 1936;
 (c) Part III of the Taxation Administration Act 1953.

 (2) If the relevant provisions would otherwise require or permit something to be done by the partnership, the thing may be done by one or more of the partners on behalf of the partnership.

 (3)