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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-F - Primary production depreciating assets    View history reference

Operative provisions

SECTION 40-575  Getting tax information if you acquire a horticultural plant  

 View history reference ITAA 36

40-575(1)  

 View history reference
If you begin to satisfy a condition in section 40-525 for a *horticultural plant, you may give the last entity (if any) that satisfied such a condition for the plant a written notice requiring the entity to give you any or all of the following information:


(a) the amount of establishment expenditure for the plant;


(b) if the entity used the plant's *effective life to work out the decline in value of the plant - its effective life and the day on which it could first be used for *commercial horticulture.

40-575(2)  

The notice must:


(a) be given within 60 days of your beginning to satisfy that condition; 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 last owner is a partnership.

Requirement to comply with notice

40-575(3)  

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

40-575(4)  

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.

40-575(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

40-575(6)  

 View history reference
Only one notice can be given in relation to the same *horticultural plant.


 



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