A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

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    View history reference

Subdivision 40-B - Core provisions    View history reference

Operative provisions

SECTION 40-140  Getting tax information from associates  

 View history reference [No equivalent]

40-140(1)  

If you acquire a *depreciating asset from an *associate of yours where the associate has deducted or can deduct an amount for the asset under this Division, you may give the associate a written notice requiring the associate to tell you:


(a) the method the associate was using to work out the decline in value of the asset; and


(b) the *effective life the associate was using; and


(c) if section 40-102 applied to the asset at any time:

(i) the effective life that the associate would have used if section 40-102 had not applied to the asset; and

(ii) the relevant time that applied to the associate under subsection 40-102(3).
 View history reference

40-140(2)  

The notice must:


(a) be given within 60 days of your acquiring the asset; 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 (3).

Note:

Subsections (4) and (5) explain how this subsection operates if the associate is a partnership.

Requirement to comply with notice

40-140(3)  

The *associate must not intentionally refuse or fail to comply with the notice.

Penalty: 10 penalty units.

Giving the notice to a partnership

40-140(4)  

If the *associate 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.

40-140(5)  

A partner must not intentionally refuse or fail to comply with that obligation, unless another partner has already complied with it.

Penalty: 10 penalty units.

Limits on giving a notice

40-140(6)  

Only one notice can be given in relation to the same *depreciating asset.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page