Document ID: chunk:federal_register_of_legislation:C2025C00014:section:262a:p6
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 262A (pt 6/7)
Character Range: 1809729–1812299

holding or lease of the building as will enable the transferee to work out how former Division 10D of Part III applies 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.
 (4AJ) The notice referred to in subsection (4AH) 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 (4AH);
or within such further period as the Commissioner allows.
 (4AJA) If:
 (a) a person (the transferor) disposes of capital works within the meaning of Division 43 of the Income Tax Assessment Act 1997, being capital works begun after 26 February 1992, to another person (the transferee); and
 (b) a deduction has been allowed under former Division 10C or 10D of Part III of this Act, or under Division 43 of the Income Tax Assessment Act 1997, in respect of those capital works;
then:
 (c) the transferor must give the transferee, within 6 months after the end of the year of income in which the disposal occurred or within a further period allowed by the Commissioner, a notice containing such information as will allow the transferee to work out how Division 43 of the Income Tax Assessment Act 1997 will apply to the transferee in respect of the capital works; and
 (d) the transferee must retain the notice or a copy of it until the end of 5 years after the transferee disposes of the capital works or the capital works are destroyed, whichever is the earlier.
 (4AL) A person who makes an election in accordance with subitem 22(3), 22A(3), 23(3) or 23A(2) of the Taxation Laws Amendment (Trust Loss and Other Deductions) Act 1998 must retain the election until the end of 5 years after the election was made.
 (5) Nothing in this section requires a person to retain records or an election where:
 (a) the Commissioner has notified the person that retention of the records or election is not required; or
 (b) the person is a company that has gone into liquidation and finally ceased to exist.
Note: A defendant bears an evidential burden in relation to the matters in subsection (5), see subsection 13.3(3) of the Criminal Code.
 (5A) An offence under this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (6) In this section:
associate has the same meaning as