Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You may choose that the decline in value of a particular depreciating asset for an income year, and subsequent income years, is not to be worked out under this Subdivision.
(2) The choice must be in the approved form.
(3) The choice cannot be revoked.
(4) You must give the choice to the Commissioner by the day you lodge your income tax return for the first 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 .
Table of sections
40 - 140 Definitions
40 - 145 Interaction with other provisions
40 - 150 When an asset of yours qualifies for full expensing
40 - 155 Businesses with turnover under $5 billion
40 - 157 Corporate tax entities with income under $5 billion
40 - 160 Full expensing of first and second element of cost for post - 2020 budget assets
40 - 165 Exclusions--entities covered by section 40 - 155 or 40 - 157
40 - 167 Exclusions--entities covered by section 40 - 157
40 - 170 Full expensing of eligible second element of cost
40 - 175 When is an amount included in the eligible second element
40 - 180 Division 40 of the Income Tax Assessment Act 1997 applies to later years
40 - 185 Balancing adjustment for assets not used or located in Australia
40 - 190 Choice to not apply this Subdivision to an asset for an income year