Income Tax Assessment Act 1997



Division 103 - General rules  

Operative provisions  

SECTION 103-25   Choices  

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.

The way you (and any other entity making the choice) prepare your *income tax returns is sufficient evidence of the making of the choice.


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(a) (Repealed by No 133 of 2014)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(c) (Repealed by No 55 of 2007 )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 .


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