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.


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