INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
Subdivision 385-G (Double wool clips) of the Income Tax Assessment Act 1997 applies if your assessable income for the 1997-98 income year or a later income year would include the proceeds of the sale of 2 wool clips.
Election to defer including profit on second wool clip in 1997-98 income year
385-135(2)
Section 385-135 (Election to defer including profit on second wool clip) of the Income Tax Assessment Act 1997 applies to the 1997-98 income year as if:
(a) subparagraph 385-135(3) (b)(ii) referred to wool that you took into account at cost price under section 31 of the Income Tax Assessment Act 1936 (instead of wool you took into account at cost under Division 70 of the Income Tax Assessment Act 1997 ); and
(b) subparagraph 385-135(3) (b)(iii) referred to an election under section 26BA of the Income Tax Assessment Act 1936 (instead of an election under section 385-135 itself).
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