389‑10 Exemptions389‑10 Exemptions

#### 389‑10 Exemptions Exempting classes of entities (1) The Commissioner may, by legislative instrument, exempt a class of entities from section 389‑5 for one or more income years. (2) The exemption may be limited to the extent specified in the instrument. Exempting particular entities (3) The Commissioner may, on application by an entity (an exemption application) or on the Commissioner’s own initiative, exempt the entity from section 389‑5 for one or more income years. (4) The exemption may be limited to the extent specified in the notice under paragraph (5)(a). (5) The Commissioner must notify the entity in writing if: (a) the Commissioner exempts the entity under subsection (3); or (b) refuses an exemption application by the entity. (6) The Commissioner is taken to have refused an exemption application if the Commissioner fails to notify the entity in writing of the Commissioner’s decision on the application within 60 days after the application is made. (7) The entity may object, in the manner set out in Part IVC, against: (a) a decision of the Commissioner to refuse an exemption application; or (b) a decision of the Commissioner to limit the extent of an exemption under subsection (4).