Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A taxpayer may elect that this Division shall not apply in relation to the taxpayer in relation to a film and, where such an election is made, this Division does not apply in relation to the taxpayer in relation to that film.
(2) An election under subsection (1) in relation to a film must be made on or before the date of lodgment of the return of income of the taxpayer of the first year of income in respect of which a deduction would, but for this section, and the provisions of Subdivision B other than section 124ZAFA, be allowable to the taxpayer in relation to the film.