Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-J - Capital expenditure for the establishment of trees in carbon sink forests  

Operative provisions

SECTION 40-1035   Getting information if you acquire a carbon sink forest  

40-1035(1)    
This section applies if:

(a) you or another entity incurred capital expenditure; and

(b) the expenditure is covered under section 40-1010 in relation to particular trees; and

(c) you begin to satisfy a condition in the table in subsection 40-1005(5) for the trees.

40-1035(2)    
You may give the last entity (if any) that satisfied a condition mentioned in subsection 40-1005(5) for the trees a written notice requiring the entity to give you any or all of the following information:

(a) the amount of the expenditure covered under section 40-1010 in relation to the trees;

(b) the income year in which the trees were established.

40-1035(3)    
The notice must:

(a) be given within 60 days of your beginning to satisfy the condition mentioned in paragraph (1)(c); and

(b) specify a period of at least 60 days within which the information must be given; and

(c) set out the effect of subsection (4).

Note:

Subsections (5), (6) and (7) explain how this subsection operates if the entity to which the notice is to be given is a partnership.

Requirement to comply with notice

40-1035(4)    
The entity to whom the notice is given must not intentionally refuse or fail to comply with the notice.

Penalty: 10 penalty units.

Giving the notice to a partnership

40-1035(5)    
If the entity to whom the notice is given is a partnership:

(a) you may give it to the partnership by giving it to any of the partners (this does not limit how else you can give it); and

(b) the obligation to comply with the notice is imposed on each of the partners (not on the partnership), but may be discharged by any of them.

40-1035(6)    
A partner must not intentionally refuse or fail to comply with that obligation.

Penalty: 10 penalty units.

40-1035(7)    
Subsection (6) does not apply if another partner has already complied with that obligation.

Note:

A defendant bears an evidential burden in relation to the matters in subsection (7), see subsection 13.3(3) of the Criminal Code .

Limits on giving a notice

40-1035(8)    
Only one notice can be given in relation to the same trees.