Income Tax Assessment Act 1997



Division 40 - Capital allowances  

Subdivision 40-B - Core provisions  

Operative provisions

SECTION 40-140   Getting tax information from associates  

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) .

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).


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

Requirement to comply with notice

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

Penalty: 10 penalty units.

Giving the notice to a partnership

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.

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

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


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