Income Tax Assessment Act 1997
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.
No 42 of 2009, s 3 and Sch 2 item 48 contains the following transitional provision:
48 Transitional: choice
Subitem (2) applies in relation to:
(a) a CGT event that happened before 23 June 2009; and
(b) an entity who becomes eligible to make a choice under Division 152 of the Income Tax Assessment Act 1997 in relation to that event because of this Schedule.
Despite subsection 103-25(1) of the Income Tax Assessment Act 1997 , any such choice must be made by the entity 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 23 June 2009; and
(c) a later day allowed by the Commissioner of Taxation.
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(a) (Repealed by No 133 of 2014)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(c) (Repealed by No 55 of 2007 )
This section is modified in calculating the attributable income of a CFC: see section 421 of the Income Tax Assessment Act 1936 .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.