Choosing the concessions

Prior to 1 July 2006

From 1 July 2006

From 1 July 2007 to 23 June 2009

From royal assent 23 June 2009

Taxpayers have to make a choice about the capital gains tax (CGT) concessions by the time they lodge their tax return for the year the CGT event happens or within a further time allowed by the Commissioner.

No change

Taxpayers who become entitled to the concessions because of one of the amendments enacted in June 2009 have an extension of time to make their choice for CGT events that happen before the day the amendments receive Royal Assent. They have until the latest of the day they lodge their return for the CGT event year or 12 months after Royal assent, or a further time allowed by the Commissioner.

The normal time limits to make a choice under section 103-25 apply

See also:

    Last modified: 21 Jun 2016QC 21145