Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 3) 1992No. 98, 1992 - SECT 45

45. 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.".