Commonwealth Numbered Acts

TAX LAWS AMENDMENT (2011 MEASURES NO. 7) ACT 2011 (NO. 147, 2011) - SCHEDULE 4

Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009

1  At the end of subitem 104(5) of Schedule 1

Add:

Note:       The Commissioner may, in limited circumstances, extend the time on or before which the election must be notified to the Commissioner. See item 104A.

2  After item 104 of Schedule 1

Insert:

104A  Application of financial arrangement amendments (financial arrangements)--late notices

(1)       A reference in paragraph 104(5)(b) to the lodgment date is to be treated, in relation to an election under subitem 104(2), as being a reference to a later date specified in a notice the Commissioner gives to you under this item, if the Commissioner gives you such a notice in relation to the election.

(2)       The Commissioner may give you a notice in relation to the election if:

                     (a)  the Commissioner is satisfied that the election was not notified to the Commissioner on or before the lodgment date because of:

                              (i)  an honest mistake of yours; or

                             (ii)  an inadvertence of yours; or

                     (b)  the Commissioner is satisfied that:

                              (i)  the election was not notified to the Commissioner on or before the lodgment date because of circumstances outside of your control; and

                             (ii)  you took all reasonable steps to notify the Commissioner of the election on or before the lodgment date, or there were no such steps you could have taken.

(3)       The later date specified in the notice must be a date that occurred no later than 3 months after the lodgment date mentioned in paragraph 104(5)(b) (disregarding this item).

3  Subitem 105(1) of Schedule 1

Omit "item 104 applies to arrangements that are not financial arrangements in the same way that it applies", substitute "items 104 and 104A apply to arrangements that are not financial arrangements in the same way that those items apply".

4  Application of amendments

The amendments made by this Schedule apply in relation to lodgment dates mentioned in paragraph 104(5)(b) of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 , whether the lodgment dates occur before, on or after the commencement of this item.