Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.150

  (1)   You may make an election for an income year under this section if:

  (a)   you prepare a financial report for the income year in accordance with:

  (i)   the * accounting principles; or

  (ii)   if the accounting principles do not apply to the preparation of the financial report--comparable standards for accounting made under a * foreign law that apply to the preparation of the financial report under a foreign law; and

  (b)   the financial report is audited in accordance with:

  (i)   the * auditing principles; or

  (ii)   if the auditing principles do not apply to the auditing of the financial report--comparable standards for auditing made under a foreign law.

  (2)   An election under this section is irrevocable.