Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_3:p6
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 6/24)
Character Range: 425087–427768

385-G.

385-150  Time for making election

  You can only make an election under Subdivision 385-E, 385-F or 385-G before you lodge your *income tax return for the last income year for which your assessable income would (apart from the election) include any of:
 (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 the 2 wool clips.
The Commissioner may allow you further time to make the election.

385-155  Amounts are assessable income from carrying on the primary production business

  The following are taken to be assessable income from carrying on a *primary production business in Australia:
 (a) an amount included in your assessable income because of an election under Subdivision 385-E, 385-F or 385-G; or
 (b) an amount included in your assessable income because of section 385-160 (Effect of certain events on election).

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.

385-163  Disentitling events

 (1) A disentitling event happens when:
 (a) you die; or
 (b) you become bankrupt, insolvent, commence to be wound up, apply to take the benefit of a law for the relief of bankrupt or insolvent debtors, compound with creditors, or make an assignment of any property for the benefit of creditors; or
 (c) you leave Australia permanently, or it appears to the Commissioner that you are about to do so; or
 (d) you cease to carry on the *primary production business to which the election relates.

 (2) In the case of a partnership, a disentitling event happens when:
 (a) a partner in the partnership becomes bankrupt, insolvent, commences to be wound up, applies to take the benefit of a law for the