INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10AA - Prospecting and mining for petroleum  

SECTION 124ADH   ELECTION IN RELATION TO LIMIT ON CERTAIN DEDUCTIONS  

124ADH(1)   [Election as to application of subsec (3)]  

A taxpayer may elect, in relation to a year of income, that subsection (3) shall apply in relation to all allowable capital expenditure of the taxpayer incurred after the end of the year of income that commenced on 1 July 1984.

124ADH(2)   [Time of election]  

An election under subsection (1) must be made on or before the last day for the furnishing of the taxpayer's return of income of the year of income to which the election relates or within such further time as the Commissioner allows.

124ADH(3)   [Effect of election]  

Where:

(a) a taxpayer makes an election under subsection (1) in relation to expenditure of a kind referred to in that subsection in relation to a year of income; and

(b) but for this subsection any of the following subsections:

(i) subsection 124ADB(3) ;

(ii) subsection 124ADD(3) ;

(iii) subsection 124ADF(3) ;

(iv) subsection 124ADG(6) ,

would apply to limit or reduce the amount of a deduction otherwise allowable under this Division in relation to a year of income in relation to an amount of expenditure of that kind,

none of the subsections referred to in subparagraphs (b)(i) to (iv) (inclusive) applies to limit or reduce the amount of the deduction.

124ADH(4)   [No election made]  

Where, apart from this section, any of the subsections referred to in subparagraphs (3)(b)(i) to (iv) (inclusive) would apply to limit or reduce the amount of a deduction otherwise allowable in relation to a year of income in relation to an amount of expenditure in respect of which a taxpayer has not made an election under this section in relation to the year of income, nothing in this section affects the application of that subsection in relation to that year of income in relation to that amount.