You can only make an election under Subdivision 385-E, 385-F or 385-G before you lodge your * income tax return for the last income year for which your assessable income would (apart from the election) include any of:
(a) the * proceeds of the disposal or death of * live stock; or
(b) the insurance recovery for the loss of * live stock or trees; or
(c) the * proceeds of the sale of the 2 wool clips.
The Commissioner may allow you further time to make the election.