Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS

Division 385 - Primary production

Subdivision 385-E - Primary producer can elect to spread or defer tax on profit from forced disposal or death of live stock

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Guide to Subdivision 385-E

SECTION 385-95 Basic principles for elections under this Subdivision

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385-95(1)
You can elect:

• to spread the profit on the disposal or death over the income year of the disposal or death and the next 4 income years ( election to spread ); or

• to defer including the profit in your assessable income, if you will use the proceeds of the disposal or death mainly to replace the live stock ( election to defer ).

385-95(2)

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If you make an election to defer, the profit is ``used'' over the next 5 income years:

• by reducing the amount for which you are taken to have bought replacement stock (as a result, your tax profit on the disposal of the replacement stock is increased); and

• by including in your assessable income amounts for replacement stock that you breed.

Any unused part of the profit is included in your assessable income for the fifth income year.

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