INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10AA - Prospecting and mining for petroleum  

SECTION 124AG   ELECTION THAT DIVISION NOT TO APPLY TO PLANT  

124AG(1)   [Election]  

A person may elect that this section shall apply in respect of expenditure on a unit of plant incurred in the year of income and any further expenditure on that unit of plant incurred in a subsequent year and, where such an election has been made, expenditure to which the election applies shall be deemed not to be allowable capital expenditure for the purposes of this Division or to be expenditure referred to in section 124AH .

124AG(2)   [Specified year]  

The year of income to which an election under this section relates must be the first year of income in which the taxpayer incurs, in relation to the unit of plant to which the election relates, expenditure that, but for the election, would be allowable capital expenditure or expenditure referred to in section 124AH .

124AG(3)   [Time for lodgment]  

An election under this section 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.