INCOME TAX ASSESSMENT ACT 1997 - SECT 40.1035 Getting information if you acquire a carbon sink forest

INCOME TAX ASSESSMENT ACT 1997 - SECT 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.

  (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.

  (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

  (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

  (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.

  (6)   A partner must not intentionally refuse or fail to comply with that obligation.

Penalty:   10 penalty units.

  (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

  (8)   Only one notice can be given in relation to the same trees.