INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
A taxpayer may elect, in relation to a year of income, that subsection (3) shall apply in relation to all allowable capital expenditure of the taxpayer incurred after the end of the year of income that commenced on 1 July 1984.
An election under subsection (1) must be made on or before the last day for the furnishing of the taxpayer's return of income of the year of income to which the election relates or within such further time as the Commissioner allows.
(a) a taxpayer makes an election under subsection (1) in relation to expenditure of a kind referred to in that subsection in relation to a year of income; and
(b) but for this subsection any of the following subsections:
(i) subsection 124ADB(3) ;
(ii) subsection 124ADD(3) ;
(iii) subsection 124ADF(3) ;
would apply to limit or reduce the amount of a deduction otherwise allowable under this Division in relation to a year of income in relation to an amount of expenditure of that kind,
(iv) subsection 124ADG(6) ,
none of the subsections referred to in subparagraphs (b)(i) to (iv) (inclusive) applies to limit or reduce the amount of the deduction.124ADH(4) [No election made]
Where, apart from this section, any of the subsections referred to in subparagraphs (3)(b)(i) to (iv) (inclusive) would apply to limit or reduce the amount of a deduction otherwise allowable in relation to a year of income in relation to an amount of expenditure in respect of which a taxpayer has not made an election under this section in relation to the year of income, nothing in this section affects the application of that subsection in relation to that year of income in relation to that amount.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.