Taxation Laws Amendment (Self Assessment) Act 1992 (101 of 1992)
SCHEDULE 1 AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936 TO REMOVE REQUIREMENTS TO LODGE ELECTIONS
* Subsection 116D(1)
Omit all the words after "Division", substitute:
"(a) must be made on or before the last day for the lodgment of the return of income of the year of income to which the election relates, or within such further time as the Commissioner allows; and
(b) must take effect from the year of income to which the election relates; and
(c) has effect in relation to that year of income and, unless the Commissioner otherwise determines, to all subsequent years of income.".
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