INCOME TAX ASSESSMENT ACT 1997 - SECT 385.160 Effect of certain events on election
INCOME TAX ASSESSMENT ACT 1997 - SECT 385.160
Effect of certain events on election(1) You cannot make an election under Subdivision 385 - E, 385 - F or 385 - G after a * disentitling event happens.
(2) If a * disentitling event happens after you make an election under Subdivision 385 - E, 385 - F or 385 - G, your assessable income for the income year in which the event happens includes:
(a) the * proceeds of the disposal or death of * live stock; or
(b) the insurance recovery for the loss of * live stock or trees; or
(c) the * proceeds of the sale of 2 wool clips;
reduced by each amount that, because of the election, is included in your assessable income for that or an earlier income year.
(3) However, if a * disentitling event happens after you make an
election under section 385 - 110 (Alternative election to defer tax
profit and reduce cost of replacement live stock), your assessable income for
the income year in which the event happens includes any *
unused tax profit on the disposal or death on the last day of that
income year.