INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10 - Mining and quarrying  

Subdivision A - General mining  

SECTION 122H   ELECTION THAT SUBDIVISION NOT TO APPLY TO PLANT  

122H(1)   [Election]  

A person may elect that this section shall apply in respect of expenditure on a unit of plant incurred in the year of income, and any further expenditure on that unit of plant incurred in a subsequent year and, where such an election has been made, expenditure to which the election applies shall be deemed not to be allowable capital expenditure for the purposes of this Subdivision or expenditure referred to in section 122J .

122H(2)   [Year specified]  

The year of income to which an election under this section relates shall be the first year of income in which the taxpayer incurs, in relation to the unit of plant to which the election relates, expenditure that, but for the election, would be allowable capital expenditure or expenditure referred to in section 122J .