48Election of capital allocation period for unit of property

48  Election of capital allocation period for unit of property  (1) The participants in a relevant operation may, for a unit of property used in the relevant operation, elect to use a particular number of calendar years as the capital allocation period for the unit of property for the purposes of section 47. Note: If the participants do not make an election under this section for a particular unit of property, the capital allocation period for the unit of property will be determined under subsection 47(5) (subject to subsection 47(6)).  (a) must be made by all participants in the operation jointly; and  (b) must be made in writing; and  (c) must specify the capital allocation period for the unit of property; and  (d) may be made only before a return under section 59 or 60 of the Act is furnished to the Commissioner where:  (i) the return relates to the source project for the relevant operation; and  (ii) the return relates to the year of tax beginning on 1 July 2024, or a later year of tax; and  (iii) the return is the first such return to be furnished to the Commissioner at or after the time the unit of property is first used in the relevant operation; and  (e) is irrevocable.  (3) If an election has been made under this section and one or more new participants are later added to the relevant operation:  (a) the election continues in force for the participants who made it; and  (b) any new participant is also taken to have made the election.  (4) If an election has been made under this section for a particular unit of property, the election continues to apply to the unit even if:  (a) the unit ceases being used in the relevant operation; or  (b) the unit is used in another relevant operation. Elections for units of property in use at commencement  (5) Despite paragraph (2)(d), if a unit of property was first used in the relevant operation before the commencement of this section, an election under this section may be made for the unit of property at any time:  (a) at or after the commencement of this section; and  (b) before a return under section 59 or 60 of the Act is furnished to the Commissioner where:  (i) the return relates to the source project for the relevant operation; and  (ii) the return relates to the year of tax beginning on 1 July 2024.  (6) An election mentioned in subsection (5):  (a) may be made only at or after the commencement of this section; and  (b) applies in relation to each year of tax that begins after the day the election is made.