Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:10_160zce
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 10 cl 160ZCE
Character Range: 109083–110733

160ZCE  Information about non‑fixed trusts with interests in company

Notice about non‑resident non‑fixed trust

 (1) The Commissioner may give the company a notice in accordance with section 160ZCF if the requirements of subsections (2) to (5) of this section are met.

Company must have applied a net capital loss in certain circumstances

 (2) In determining in its return of income for the 1997‑98 year of income whether a net capital gain accrued to the company, the company must have applied a net capital loss that is to be taken to have been incurred in the 1996‑97 year of income where, under subsection 160ZC(5), it would not have been allowed to apply the loss if it did not meet the condition in section 165‑215 of the Income Tax Assessment Act 1997, as applied on the assumption mentioned in subsection 160ZC(5) of this Act.

Information about non‑fixed trust

 (3) In order to determine whether it meets the condition, the Commissioner must need information about a non‑fixed trust mentioned in subsection 165‑215(5) of the Income Tax Assessment Act 1997, as applied on the assumption mentioned in subsection 160ZC(5) of this Act.

Non‑resident trust

 (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.

When notice must be given

 (5) The Commissioner must give the notice before the later of:
 (a) 5 years after the 1997‑98 year of income; and
 (b) the end of the period during which the company is required by section 262A to retain records in relation to that year of income.