Taxation Laws Amendment (Self Assessment) Act 1992 (101 of 1992)

SCHEDULE 1   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936 TO REMOVE REQUIREMENTS TO LODGE ELECTIONS

*   Subsection 56(1AB)

Omit the subsection, substitute:

"56.(1AB) An election under subsection (1AA):

(a) must be made on or before the date of lodgment of the return of income of the taxpayer for the year of income in which depreciation is first allowable to the taxpayer in respect of those units, or within such further time as the Commissioner allows; and

(b) has effect for the purposes of determining the depreciation allowable to the taxpayer in respect of each of those units for the year of income referred to in paragraph (a) and for all subsequent years of income.".