Tax Laws Amendment (2009 Measures No. 2) Act 2009 (42 of 2009)

Schedule 2   CGT concessions for small business

Part 3   Application provisions

48   Transitional: choice

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

(a) a CGT event that happened before the day on which this Act receives the Royal Assent; 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.

(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 the day on which this Act receives the Royal Assent; and

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