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INCOME TAX ASSESSMENT ACT 1997 - SECT 40.360 Notice to allow transferee to work out how this Division applies

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.360

Notice to allow transferee to work out how this Division applies

  (1)   This section applies if there is roll - over relief because of subsection   40 - 340(1).

  (2)   The transferor must give the transferee a notice containing enough information about the transferor's * holding of the property for the transferee to work out how this Division applies to the transferee's holding of the * depreciating asset.

  (3)   The transferor must give the notice within 6 months after the end of the transferee's income year in which the * balancing adjustment event occurred, or within a longer period allowed by the Commissioner.

  (4)   The transferee must keep the notice until the end of 5 years after the earlier of these events:

  (a)   the transferee disposes of the property;

  (b)   the property is lost or destroyed.

Penalty:   30 penalty units.

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