INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10AAA - Transport of minerals and quarry materials  

Subdivision A - Transport of certain minerals  

SECTION 123BA   ELECTION IN RELATION TO CERTAIN EXPENDITURE  

123BA(1)   [Election]  

Where a taxpayer has incurred or incurs capital expenditure referred to in subparagraph 123B(1)(a)(i) or (ii), the taxpayer may, subject to this section, elect that this section shall apply in respect of that expenditure.

123BA(2)   [Conditions for making of election]  

An election under this section shall be made in writing signed by or on behalf of the taxpayer and shall be delivered to the Commissioner:

(a) where the election relates to expenditure that has been or is incurred before the end of the year of income of the taxpayer in which 17 September 1974 occurred - on or before the last day for the furnishing of the taxpayer's return of income of that year of income; or

(b) in any other case - on or before the last day for the furnishing of the taxpayer's return of income of the year of income in which the expenditure is incurred,

or within such further time as the Commissioner allows.

123BA(3)   [Non-applicability of s 123B(1)(a)]  

Where an election is made under this section in relation to any expenditure:

(a) if any of that expenditure has been allowed or is allowable as a deduction or deductions from the assessable income of the taxpayer of a year or years of income preceding the year of income of the taxpayer in which 17 September 1974 occurred - paragraph 123B(1)(a) does not apply in relation to the remainder of that expenditure but the prescribed fraction of the remainder of that expenditure is an allowable deduction from the assessable income of the taxpayer of the year of income of the taxpayer in which 17 September 1974 occurred and from the assessable income of each of the prescribed number of years of income immediately succeeding that year of income; and

(b) in any other case - paragraph 123B(1)(a) does not apply in relation to that expenditure but paragraph 123B(1)(b) applies in relation to that expenditure.

123BA(4)   [Prescribed fraction and number]  

For the purposes of paragraph (3)(a):

(a) the prescribed fraction is

1         A + 1

where A is the prescribed number; and

(b) the prescribed number is the number by which 19 exceeds the number of years of income before the year of income of the taxpayer in which 17 September 1974 occurred in each of which a deduction has been allowed or is allowable in respect of the expenditure concerned.

123BA(5)   [Application of s 123B(2)]  

Subsection 123B(2) applies in relation to deductions under this section in like manner as it applies in relation to deductions under section 123B .