Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 385.90

What this Subdivision is about

You can elect to exclude from your assessable income the profit on a forced disposal or death of live stock that you held as assets of a primary production business you carry on in Australia.

The excluded profit is then brought into your assessable income over a 5 year period in one of 2 ways.

Table of sections

385-95      Basic principles for elections under this Subdivision

Operative provisions

385-100    Cases where you can make an election

385-105    Election to spread tax profit over 5 years

385-110    Alternative election to defer tax profit and reduce cost of replacement live stock

385-115    Your assessable income includes an amount for replacement live stock you breed

385-120    Purchase price of replacement live stock is reduced

385-125    Alternative election because of bovine tuberculosis has effect over 10 years not 5



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