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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-D - Balancing adjustments    View history reference

Operative provisions

SECTION 40-360  Notice to allow transferee to work out how this Division applies  

 View history reference ITAA 36

40-360(1)  

This section applies if there is roll-over relief because of subsection 40-340(1).

40-360(2)  

The transferor must give the transferee a notice containing enough information about the transferor's *holding of the property for the transferee to work out how this Division applies to the transferee's holding of the *depreciating asset.

40-360(3)  

The transferor must give the notice within 6 months after the end of the transferee's income year in which the *balancing adjustment event occurred, or within a longer period allowed by the Commissioner.

40-360(4)  

The transferee must keep the notice until the end of 5 years after the earlier of these events:


(a) the transferee disposes of the property;


(b) the property is lost or destroyed.

Penalty: 30 penalty units.


 



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