Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 330.40

(1) If you incur expenditure on *plant that is deductible under section
330-15, you may elect not to deduct the expenditure under that section. Note:
Section 330-15 gives a deduction for exploration or prospecting expenditure.

(2) If you so elect:

   (a)  the expenditure is not deductible under that section; and

   (b)  any further expenditure you incur on that *plant is also not
        deductible under that section.

(3) You must make the election before the time by which you must lodge your
*income tax return for the first income year in which you incur expenditure on
that *plant. However, the Commissioner may allow you to do it later than that
time.