INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Where, after 17 August 1976, a taxpayer has incurred or incurs capital expenditure to which this Subdivision applies, the taxpayer may, subject to this section, elect that this section shall apply in respect of that expenditure.
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 first year of income in which the facility in respect of which the expenditure was or is incurred was, after the incurring of the expenditure, used primarily and principally for a purpose referred to in section 123A , or within such further time as the Commissioner allows.
Where an election is made under this section in relation to any expenditure, paragraph 123B(1)(a) does not apply in relation to that expenditure but, subject to subsection 123B(2) , that expenditure shall be deemed to be expenditure to which paragraph 123B(1)(b) applies.
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