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INCOME TAX ASSESSMENT ACT 1997 - SECT 103.25 Choices

INCOME TAX ASSESSMENT ACT 1997 - SECT 103.25

Choices

  (1)   A choice you can make under this Part or Part   3 - 3 must be made:

  (a)   by the day you lodge your * income tax return for the income year in which the relevant * CGT event happened; or

  (b)   within a further time allowed by the Commissioner.

  (2)   The way you (and any other entity making the choice) prepare your * income tax returns is sufficient evidence of the making of the choice.

  (3)   However, there are some exceptions:

  (aa)   subsection   115 - 230(3) (relating to assessment of * capital gains of resident testamentary trusts) requires a trustee to make a choice by the time specified in subsection   115 - 230(5); and

  (b)   subsections   152 - 315(4) and (5) (relating to the small business retirement exemption) require a choice to be made in writing.

Note:   This section is modified in calculating the attributable income of a CFC: see section   421 of the Income Tax Assessment Act 1936 .

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