Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 392 - Long-term averaging of primary producers ' tax liability  

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History

Div 392 inserted by No 46 of 1998.

Subdivision 392-A - Is your income tax affected by averaging?  

SECTION 392-25   Choosing not to have your income tax averaged  

392-25(1)    

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You can choose that this Division (except this section) not apply to your assessment for an income year. If you make this choice, this Division (except this section) does not apply to your assessment for the income year or any of the next 9 income years.

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S 392-25(1) amended by No 15 of 2017, s 3 and Sch 2 item 3, by substituting " or any of the next 9 income years " for " or any later income year " , applicable in relation to the 2016-17 income year and later income years.

392-25(1A)    

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Your choice must not cover any income year that a previous choice of yours has already covered.

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S 392-25(1A) inserted by No 15 of 2017, s 3 and Sch 2 item 4, applicable in relation to the 2016-17 income year and later income years.

392-25(2)    
You must make your choice in writing and give it to the Commissioner by the time you lodge your ^* income tax return for the income year to which your choice relates. However, the Commissioner may allow you to give the choice later.

392-25(3)    
Your choice cannot be revoked after it is given to the Commissioner.

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History

S 392-25 inserted by No 46 of 1998.

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