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-D - Balancing adjustments  

Operative provisions

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

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.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.