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 385-160   Effect of certain events on election  

385-160(1)    
You cannot make an election under Subdivision 385-E , 385-F or 385-G after a ^* disentitling event happens.

385-160(2)    
If a ^* disentitling event happens after you make an election under Subdivision 385-E , 385-F or 385-G , your assessable income for the income year in which the event happens includes:

(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 2 wool clips;

reduced by each amount that, because of the election, is included in your assessable income for that or an earlier income year.

385-160(3)    
However, if a ^* disentitling event happens after you make an election under section 385-110 (Alternative election to defer tax profit and reduce cost of replacement live stock), your assessable income for the income year in which the event happens includes any ^* unused tax profit on the disposal or death on the last day of that income year.