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.


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.