INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10F - Deduction for capital expenditure incurred in establishing horticultural plants  

Subdivision H - Transfer of ownership of plants - transferor to give tax information to transferee  

SECTION 124ZZO   TRANSFER OF OWNERSHIP OF PLANTS - TRANSFEROR TO GIVE TAX INFORMATION TO TRANSFEREE  

124ZZO(1)   [Application of section]  

This section applies if:

(a) the ownership of one or more horticultural plants is or was transferred from an entity (the transferor ) to another entity (the transferee ); and

(b) there is an amount of establishment expenditure for each of the plants.

124ZZO(2)   Transferee may ask transferor for tax information.  

The transferee may, by written notice given to the transferor, require the transferor to give to the transferee, within the period specified in the notice, any or all of the following information:

(a) the amount of the establishment expenditure for each of the plants;

(b) the effective lives of each of the plants;

(c) whether the transferor made an election under section 124ZZK in relation to any of the plants;

(d) the beginning of the maximum write-off periods for each of the plants.

The period specified in the notice must be at least 60 days. The notice must be given within 60 days after the transfer, or within 60 days after the commencement of this section, whichever comes last.

124ZZO(3)   Transferee may only give one notice.  

The transferee must not give more than one notice under subsection (2) in relation to a particular transfer.

124ZZO(4)   Offence.  

An entity must not, without reasonable excuse, intentionally or recklessly refuse or fail to comply with a notice under subsection (2).

Penalty: 10 penalty units.

124ZZO(5)   Notice to set out the effect of subsection (4).  

A notice under subsection (2) must set out the effect of subsection (4).

124ZZO(6)   Application.  

This section applies to a transfer that occurs on or after 10 May 1995 but before 1 July 1998.

Note:

Section 387-205 of the Income Tax Assessment Act 1997 allows an entity that becomes the owner of a horticultural plant on or after 1 July 1998 to require the previous owner to provide tax information relating to the plant.