INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 62AAE   ALLOCATION OF PROPERTY TO A POOL  

62AAE(1)   [Taxpayer's notice]  

A taxpayer may, by written notice, allocate a unit of property to a specified pool for a specified year of income and for subsequent years of income if:

(a) depreciation is allowable to the taxpayer under this Act in respect of the property in relation to the specified year of income; and

(b) at all times during the period:

(i) commencing at the time the taxpayer's ownership of the property began; and

(ii) ending immediately after the beginning of the specified year of income;

the property was:

(iii) used by the taxpayer exclusively for the purpose of producing assessable income; or

(iv) installed ready for exclusive use for that purpose and held in reserve by the taxpayer; and

(c) the annual depreciation percentage fixed under section 55 for the property in relation to the specified year of income equals the pool percentage for the pool; and

(d) the taxpayer has not allocated the property to any other pool for the specified year of income or a subsequent year of income; and

(e) each amount of depreciation allowed or allowable to the taxpayer in respect of the property in relation to a year of income earlier than the specified year of income was calculated in accordance with subsection 56(1) or section 62AAP ; and

(f) apart from that allocation, the depreciation allowable to the taxpayer in respect of the property in relation to the specified year of income would have been calculated in accordance with subsection 56(1) ; and

(g) the specified year of income is not earlier than the earliest year of income for which property may be allocated to the pool.

62AAE(2)   [Period for notice]  

A notice under subsection (1) is irrevocable and must be made:

(a) within 6 months after the later of the following:

(i) the end of the specified year of income;

(ii) the commencement of this section; or

(b) within such further period as the Commissioner allows.