Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 3/24)
Character Range: 1033785–1036436

purposes of this Subdivision if you were a partner in a partnership when it incurred capital expenditure during an income year.
 (2) For the purposes of this Subdivision, you are taken to have incurred during that income year:
 (a) the amount of the expenditure that the partners agreed you should bear; or
 (b) if there was no such agreement—the proportion of the expenditure equal to the proportion of your individual interest in the net income or partnership loss of the partnership for that income year.
 (3) Disregard this Subdivision when working out the net income or partnership loss of the partnership under section 90 of the Income Tax Assessment Act 1936.

40‑575  Getting tax information if you acquire a horticultural plant
 (1) If you begin to satisfy a condition in section 40‑525 for a *horticultural plant, you may give the last entity (if any) that satisfied such a condition for the plant a written notice requiring the entity to give you any or all of the following information:
 (a) the amount of establishment expenditure for the plant;
 (b) if the entity used the plant's *effective life to work out the decline in value of the plant—its effective life and the day on which it could first be used for *commercial horticulture.
 (2) The notice must:
 (a) be given within 60 days of your beginning to satisfy that condition; 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 (3).
Note: Subsections (4) and (5) explain how this subsection operates if the last owner is a partnership.

Requirement to comply with notice
 (3) 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
 (4) 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.
 (5) A partner must not intentionally refuse or fail to comply with that obligation, unless another partner has already complied with it.
Penalty: 10 penalty units.

Limits on giving a notice
 (6) Only one notice can be given in relation to the same *horticultural plant.

Subdivision 40‑G—Capital expenditure of primary producers and other landholders

Guide to Subdivision 40‑G

40‑625  What this Subdivision is about

      You can deduct amounts for capital expenditure you incur:
         • on landcare operations;