• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1997 - SECT 727.555 Giving other affected owners information about the choice

INCOME TAX ASSESSMENT ACT 1997 - SECT 727.555

Giving other affected owners information about the choice

  (1)   An entity that makes a choice under section   727 - 550 (including a choice made jointly with one or more other entities) must inform all entities that it knows to be * affected owners for the * indirect value shift about the content of the choice. The entity must do so in writing within one month after making the choice.

Penalty:   30 penalty units.

  (2)   If:

  (a)   a choice under section   727 - 550 is made jointly by 2 or more entities; and

  (b)   one of the entities complies with subsection   (1);

no other entity need comply with that subsection in relation to that choice.

  (3)   If an * affected owner for an * indirect value shift has reason to believe that an entity may have made a choice under section   727 - 550 (including a choice made jointly with one or more other entities), the affected owner may give the entity a written notice asking whether the entity has made such a choice.

  (4)   Within one month after receiving a notice under subsection   (3), an entity must inform the * affected owner in writing whether the entity has made a choice under section   727 - 550 and, if so, about the content of the choice.

Penalty:   30 penalty units.

  (5)   The Commissioner may extend the period for complying with a provision of this section.

Download

No downloadable files available