Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_6:p2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 2/3)
Character Range: 657627–660316

an amount under this Subdivision: see section 387‑195 of the Income Tax (Transitional Provisions) Act 1997.

Note 2: Deductions for depreciation are worked out under Division 42.

Note 3: Construction expenditure in a pool of construction expenditure is deducted under Division 43.

Change of ownership

387‑205  Getting tax information if you acquire a horticultural plant (regardless of its effective life)

 (1) If you become the owner of a *horticultural plant, you may give the last owner (if any) of the plant a written notice within 60 days after you become the owner, requiring the last owner to give you any or all of the following information within a specified period of at least 60 days:

 (a) the amount of establishment expenditure (as defined in section 387‑185) for the plant;

 (b) the *effective life of the plant;

 (c) the day on which the plant could first be used for *commercial horticulture.

The notice must also set out the effect of subsection (2).

Note 1: You may become the owner of a horticultural plant that is on land when it is leased to you, or when you start to hold it under a licence: see section 387‑210.

Note 2: Subsections (3) and (4) explain how this subsection operates if the last owner is a partnership.

Requirement to comply with notice

 (2) The last owner must not, without reasonable excuse, intentionally refuse or fail to comply with the notice.

Penalty: 10 penalty units.

Giving the notice to a partnership

 (3) If the last owner is a partnership:

 (a) you may give the notice 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; and

 (c) a partner must not, without reasonable excuse, 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

 (4) Only one notice can be given in relation to the same acquisition of a *horticultural plant.

Lessees and licensees of land with horticultural plants are treated as owners

387‑210  Lessees and licensees of land are treated as if they own horticultural plants on the land

Lessees

 (1) You are treated for the purposes of this Subdivision as if you own a *horticultural plant so long as:

 (a) the plant is attached to land you hold under:

 (i) a lease; or

 (ii) a *quasi‑ownership right granted by an *exempt Australian government agency or an *exempt foreign government agency; and

 (b) the lease or quasi‑ownership right enables