Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 385.100

Cases where you can make an election

             (1)  You can make an election if:

                     (a)  you dispose of * live stock, or they die, because:

                              (i)  land is compulsorily acquired or resumed under an Act; or

                             (ii)  a State or Territory leases land for a cattle tick eradication campaign; or

                            (iii)  pasture or fodder is destroyed by fire, drought or flood and you will use the * proceeds of the disposal or death mainly to buy replacement stock or to maintain breeding stock for the purpose of replacing the live stock; or

                            (iv)  they are compulsorily destroyed under an * Australian law for the control of a * disease or they die of such a * disease; or

                             (v)  you receive an official notification under an * Australian law dealing with contamination of property; and

                     (b)  you held the live stock as assets of a * primary production business you carry on in Australia; and

                     (c)  apart from this Subdivision, your assessable income for any income year would include the * proceeds of the disposal or death.

             (2)  The proceeds of the disposal or death are:

                     (a)  if you dispose of the * live stock or their carcases in the ordinary course of * business--the total of:

                              (i)  any amount you receive as payment for the live stock or carcases; and

                             (ii)  any compensation you receive for the death or destruction, or a reduction in * market value, of the live stock or their carcases from an * Australian government agency; or

                     (b)  if you dispose of the * live stock or their carcases outside the ordinary course of * business--the total of:

                              (i)  the market value of the live stock or their carcases, at the time of disposal; and

                             (ii)  any compensation you receive for the death or destruction, or a reduction in market value, of the live stock or their carcases from an * Australian government agency; or

                     (c)  if the * live stock die, and you do not dispose of their carcases to someone else--any compensation you receive for their death or destruction from an * Australian government agency.



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