Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 385.150

Time for making election

                   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.



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