Document ID: chunk:federal_register_of_legislation:C2010C00262:clause:3_12
Version: federal_register_of_legislation:C2010C00262
Segment Type: clause
Provision Reference: sch 3 cl 12
Character Range: 33556–34566

12  At the end of section 328‑175
Add:

Exception: restriction on choosing to use this Subdivision

 (10) If:
 (a) you choose to use this Subdivision to deduct amounts for your *depreciating assets for an income year; and
 (b) you do not choose to use this Subdivision for a later income year for which you satisfy the conditions to make this choice (see subsection (1));
you cannot choose to use this Subdivision until at least 5 years after the first later income year for which you satisfied the conditions to make this choice but did not do so.

Note 1: Your ability to choose to use this Subdivision may also be restricted by section 328‑440 of the Income Tax (Transitional Provisions) Act 1997.

Note 2: If you choose to use this Subdivision for an income year, you continue to use it for assets that have been allocated to your small business pools for a later income year even if you are not a small business entity, or do not choose to use this Subdivision, for the later year: see section 328‑220.