Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p6
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 6/18)
Character Range: 5441835–5444530

*primary production business, only the partnership or trustee can make an election under Subdivision 385‑E, 385‑F or 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