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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 328.175

Choices made in relation to depreciating assets used in primary production business

             (1)  This section applies if:

                     (a)  you were an STS taxpayer for an income year; and

                     (b)  you made a choice under subsection 328-175(3) of old Subdivision 328-D in relation to a depreciating asset you use to carry on a primary production business and for which you could deduct amounts under Subdivision 40-F or 40-G of the Income Tax Assessment Act 1997 .

             (2)  The choice has effect for the purposes of subsection 328-175(3) of new Subdivision 328-D.

Note:          This means you cannot change the choice: see subsection 328-175(4) of new Subdivision 328-D.



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