Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.575

  (1)   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.

  (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

  (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

  (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.

  (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

  (6)   Only one notice can be given in relation to the same * horticultural plant.