Income Tax Assessment Act 1997
CHAPTER 3 - SPECIALIST LIABILITY RULES
PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS
View history note
Hide history noteSECTION 103-25 Choices
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)
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
(a)
(Repealed by No 133 of 2014)
(b)
subsections
152-315(4)
and (5) (relating to the small business retirement exemption) require a choice to be made in writing.
(c)
(Repealed by
No 55 of 2007
)
Note:
This section is modified in calculating the attributable income of a CFC: see section 421 of the Income Tax Assessment Act 1936 .
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.