Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.130

  (1)   A choice you can make under this Division about a * depreciating asset must be made:

  (a)   by the day you lodge your * income tax return for the income year to which the choice relates; or

  (b)   within a further time allowed by the Commissioner.

  (2)   Your choice, once made, applies to that income year and all later income years.

Exception: recalculating effective life

  (3)   However, subsection   (2) does not apply to a choice to recalculate the * effective life of a * depreciating asset under section   40 - 110.