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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    View history reference

Subdivision 40-B - Core provisions    View history reference

Operative provisions

SECTION 40-130  Choices  

 View history reference ITAA 36

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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