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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 103 - General rules  

Operative provisions  

SECTION 103-25  Choices  

 [No equivalent]

103-25(1)  

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.

[CCH Note: No 42 of 2009, s 3 and Sch 2 item 48 contains the following transitional provision:

48 Transitional: choice  


48(1) Subitem (2) applies in relation to:


(a) a CGT event that happened before 23 June 2009; and


(b) an entity who becomes eligible to make a choice under Division 152 of the Income Tax Assessment Act 1997 in relation to that event because of this Schedule.


48(2) Despite subsection 103-25(1) of the Income Tax Assessment Act 1997, any such choice must be made by the entity by the latest of:


(a) the day the entity lodges its income tax return for the income year in which the relevant CGT event happened; and


(b) 12 months after 23 June 2009; and


(c) a later day allowed by the Commissioner of Taxation.

]

103-25(2)  

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

103-25(3)  

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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
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(a) (Repealed by No 133 of 2014)
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(b) subsections 152-315(4) and (5) (relating to the small business retirement exemption) require a choice to be made in writing.
 View history reference


(c) (Repealed by No 55 of 2007)
 View history reference

Note:

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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