(1) 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).
(2) 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).
Note: Subsections (4) and (5) explain how this subsection operates if the associate is a partnership.
Requirement to comply with notice
(3) The * associate must not intentionally refuse or fail to comply with the notice.
Giving the notice to a partnership
(4) 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.
(5) A partner must not intentionally refuse or fail to comply with that obligation, unless another partner has already complied with it.
(6) Only one notice can be given in relation to the same *
depreciating asset.