Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 385 - Primary production  

Subdivision 385-H - Rules that apply to all elections made under Subdivisions 385-E, 385-F and 385-G  

SECTION 385-150  

385-150   Time for making election  

You can only make an election under Subdivision 385-E , 385-F or 385-G before you lodge your ^* income tax return for the last income year for which your assessable income would (apart from the election) include any of:

(a) the ^* proceeds of the disposal or death of ^* live stock; or

(b) the insurance recovery for the loss of ^* live stock or trees; or

(c) the ^* proceeds of the sale of the 2 wool clips.

The Commissioner may allow you further time to make the election.