INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 103 - General rules  

Operative provisions  

SECTION 103-25   Choices  

103-25(1)  
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.

103-25(2)  
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(a) (Repealed by No 133 of 2014)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(c) (Repealed by No 55 of 2007 )

Note:

This section is modified in calculating the attributable income of a CFC: see section 421 of the Income Tax Assessment Act 1936 .


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