Treasury Laws Amendment (2020 Measures No. 6) Act 2020 (141 of 2020)

Schedule 1   Temporary full expensing of depreciating assets and other amendments

Part 1   Main amendments

Income Tax (Transitional Provisions) Act 1997

3   At the end of Subdivision 40-BA

Add:

40-137 Choice to not apply this Subdivision to an asset

(1) You may choose that the decline in value of a particular depreciating asset for an income year, and subsequent income years, is not to be worked out under this Subdivision.

(2) The choice must be in the approved form.

(3) The choice cannot be revoked.

(4) You must give the choice to the Commissioner by the day you lodge your income tax return for the first income year to which the choice relates.

Note: The Commissioner may defer the time for giving the choice: see section 388-55 in Schedule 1 to the Taxation Administration Act 1953.