50Application for approval

50 Application for approval

(1)  An application for an approval under this Division is to be made to the Commissioner in an approved form.

(2)  The Commissioner may –

(a) grant an application for an approval; or

(b) refuse to grant the application.

(3)  [Section 50 Subsection (3) inserted by No. 40 of 2006, s. 36, Applied:01 Jan 2007] If the Commissioner has not received an application for an approval under this Division from –

(a) a specified taxpayer or a taxpayer of a specified class referred to in section 49(1) ; or

(b) a specified agent on behalf of a specified taxpayer or a taxpayer of a specified class referred to in section 49(1)  –

the Commissioner, by written notice provided to that taxpayer or agent and for the purpose of exercising his or her initiative under section 49(3) , may require that taxpayer or agent to make that application, and to provide any other information specified in the notice, to the Commissioner.

(4)  [Section 50 Subsection (4) inserted by No. 40 of 2006, s. 36, Applied:01 Jan 2007] A taxpayer or agent must comply with a notice provided under subsection (3) within the period specified in that notice or within such further period as the Commissioner allows.

Penalty:  In –

(a) the case of a body corporate, a fine not exceeding 500 penalty units; or

(b) any other case, a fine not exceeding 100 penalty units.