Tax Laws Amendment (2004 Measures No. 1) Act 2004 (95 of 2004)

Schedule 3   Small business CGT relief and discretionary trusts

Income Tax Assessment Act 1997

9   Transitional: choice


(1) This item applies to CGT events that happen no later than the end of the 2003-04 income year.


(2) Subject to subitem (3), an entity can choose that Division 152 of the Income Tax Assessment Act 1997 apply to such a CGT event as if the amendments made by this Schedule had not been made.


(3) However, subsection 152-30(6) inserted by item 4 of this Schedule applies to those CGT events.


(4) A choice under this item must be made 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 the assent day; and

(c) a later day allowed by the Commissioner of Taxation.