Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-BB - Temporary full expensing of depreciating assets  

SECTION 40-190   Choice to not apply this Subdivision to an asset for an income year  

40-190(1)    
You may choose that the decline in value of a particular depreciating asset for an income year is not to be worked out under this Subdivision.

40-190(2)    
The choice must be in the approved form.

40-190(3)    
The choice cannot be revoked.

40-190(4)    
You must give the choice to the Commissioner by the day you lodge your income tax return for the 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 .