Income Tax Assessment Act 1997
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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