INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 62AAF   CANCELLATION OF ALLOCATION TO POOL - TAXPAYER'S NOTICE  

62AAF(1)   [Taxpayer's notice]  

A taxpayer may, by written notice, cancel the allocation of specified property to a pool insofar as the allocation applies for a specified year of income and for subsequent years of income.

62AAF(2)   [Period for notice]  

A notice under subsection (1) is irrevocable and must be made:

(a) within 6 months after the later of the following:

(i) the end of the specified year of income;

(ii) the commencement of this section; or

(b) within such further period as the Commissioner allows.

62AAF(3)   [Re-allocation of property to pool]  

If, under this section, a taxpayer cancels the allocation of property to a pool for a year of income, this Act does not prevent the taxpayer from re-allocating the property to the pool for the year of income in accordance with section 62AAE .