Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-B - Core provisions  

Operative provisions

SECTION 40-130   Choices  

40-130(1)  
A choice you can make under this Division about a * depreciating asset must be made:


(a) by the day you lodge your * income tax return for the income year to which the choice relates; or


(b) within a further time allowed by the Commissioner.

40-130(2)  
Your choice, once made, applies to that income year and all later income years. Exception: recalculating effective life

40-130(3)  
However, subsection (2) does not apply to a choice to recalculate the * effective life of a * depreciating asset under section 40-110 .


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