Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 8   Amendments relating to deductions for capital expenditure on traveller accommodation

45   Keeping of records

Section 262A of the Principal Act is amended by inserting after subsection (4AE) the following subsections:

"(4AF) If:

(a) a person (the 'transferor') disposes of, or of a lease of, any part of a building within the meaning of Division 10C of Part III to another person (the 'transferee'); and

(b) either:

(i) one or more deductions have been allowed or are allowable to the transferor under subsection 124ZC(2A) or (4A) in respect of qualifying hotel expenditure or qualifying apartment expenditure in respect of the building; or

(ii) if there have been one or more prior successive owners or lessees of the building - one or more deductions have been allowed or are allowable to any of the prior successive owners or lessees under subsection 124ZC(2A) or (4A) in respect of qualifying hotel expenditure or qualifying apartment expenditure in respect of the building; then:

(c) the transferor must give to the transferee, within the period specified in subsection (4AG), a notice containing such information about the transferor's holding or lease of the building as will enable the transferee to work out how Division 10C of Part III will apply to the transferee's holding or lease of the building; and

(d) the transferee must retain the notice, or a copy, until the end of 5 years after the earlier of:

(i) the transferee ceasing to be the owner or lessee of the part of the building; or

(ii) the destruction of the building.

"(4AG) The notice referred to in subsection (4AF) must be given within 6 months after the later of the following:

(a) the end of the year of income of the transferee in which the disposal occurred;

(b) the commencement of subsection (4AF);

or within such further period as the Commissioner allows.".