Income Tax Assessment Act 1997
A choice you can make under this Part or Part 3-3 must be made:
(a) by the day you lodge your *income tax return for the income year in which the relevant *CGT event happened; or
(b) within a further time allowed by the Commissioner.
No 42 of 2009, s 3 and Sch 2 item 48 contains the following transitional provision:
48 Transitional: choice
Subitem (2) applies in relation to:
(a) a CGT event that happened before 23 June 2009; and
(b) an entity who becomes eligible to make a choice under Division 152 of the Income Tax Assessment Act 1997 in relation to that event because of this Schedule.
Despite subsection 103-25(1) of the Income Tax Assessment Act 1997 , any such choice must be made by the entity by the latest of:
(a) the day the entity lodges its income tax return for the income year in which the relevant CGT event happened; and
(b) 12 months after 23 June 2009; and
(c) a later day allowed by the Commissioner of Taxation.
The way you (and any other entity making the choice) prepare your *income tax returns is sufficient evidence of the making of the choice. 103-25(3)
However, there are some exceptions:
(aa) subsection 115-230(3) (relating to assessment of *capital gains of resident testamentary trusts) requires a trustee to make a choice by the time specified in subsection 115-230(5) ; and
(a) (Repealed by No 133 of 2014)
(b) subsections 152-315(4) and (5) (relating to the small business retirement exemption) require a choice to be made in writing.
(c) (Repealed by No 55 of 2007 )
This section is modified in calculating the attributable income of a CFC: see section 421 of the Income Tax Assessment Act 1936 .