Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.320

  (1)   This section applies if:

  (a)   you prepare a financial report for a year (the first year ); and

  (b)   you prepare a financial report for the subsequent year (the second year ); and

  (c)   your income year starts in the first year and ends in the second year; and

  (d)   both the financial report for the first year and the financial report for the second year are:

  (i)   prepared in accordance with paragraph   230 - 315(2)(a); and

  (ii)   audited in accordance with paragraph   230 - 315(2)(b); and

  (e)   the auditor's reports are unqualified for both the financial report for the first year and the financial report for the second year.

  (2)   Treat yourself as eligible to make an election for the income year under subsection   230 - 315(2).