Tax Laws Amendment (2007 Measures No. 3) Act 2007 (79 of 2007)
Schedule 3 Capital gains of testamentary trusts
Income Tax Assessment Act 1997
3 Application
(1) The amendments made by this Schedule apply in relation to the 2005-2006 income year and later income years.
(2) Despite subsection 115-230(5) of the Income Tax Assessment Act 1997, a choice under subsection 115-230(3) of that Act may be made no later than 2 years after the commencement of section 115-230 (or a later time allowed by the Commissioner) if the choice is in respect of the 2005-2006 income year.
(3) Despite subsection 115-230(5) of the Income Tax Assessment Act 1997, a choice under subsection 115-230(3) of that Act may be made no later than 2 years after the commencement of section 115-230 (or a later time allowed by the Commissioner) if:
(a) section 115-230 commences after the end of the 2006-2007 income year; and
(b) the choice is in respect of the 2006-2007 income year.
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