INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 7 - Private companies  

SECTION 105C   ELECTION TO HAVE TAXES PAID DEDUCTED IN ASCERTAINING DISTRIBUTABLE INCOME  

105C(1)   [Circumstances in which election may be made]  

Subject to subsection (4), a private company which -

(a) was incorporated before 1 July 1947; and

(b) has not made, and has not been deemed to have made, an election under subsection 103(3) of the Income Tax Assessment Act 1936-1947 for the purpose of ascertaining the distributable income of the year of income that ended on 30 June 1947,

may elect that, for the purpose of ascertaining the distributable income of the year in respect of which the election is made, in lieu of the deduction from its taxable income of the tax payable under this Act (other than the tax payable under this Division) in respect of the income of the year of income, there shall be deducted any tax paid under this Act (other than tax paid under this Division) in the year of income less any refund received in the year of income of any tax paid under this Act (other than tax paid under this Division or the Division for which this Division was substituted) which has been deducted or deductible for the purpose of ascertaining the distributable income of any year.

105C(2)   [Conditions re making of election]  

An election under this section in respect of a year of income shall be made in writing, signed by the public officer of the company, and lodged with the Commissioner on or before the date of lodgment of the return of income of that year of income, or on or before such later date as the Commissioner determines.

105C(3)    

105C(4)   [Election not made]  

Where a company has been entitled to make, in respect of a year of income, an election of the kind specified in subsection (1) and has not made that election, the company shall not be entitled to make such an election in respect of any subsequent year of income.