Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 385.105

  (1)   You can elect:

  (a)   to include in your assessable income for the * disposal year the * proceeds of the disposal or death, reduced by the * tax profit on the disposal or death; and

  (b)   to include 20% of the tax profit on the disposal or death in your assessable income for the disposal year; and

  (c)   to include 20% of the tax profit on the disposal or death in your assessable income for each of the next 4 income years.

For rules about the making and effect of an election, see Subdivision   385 - H.

  (2)   The disposal year is the income year in which you dispose of the * live stock, or they die, as mentioned in subsection   385 - 100(1).

  (3)   The tax profit on the disposal or death is any amount remaining after subtracting from the * proceeds of the disposal or death the sum of:

  (a)   the amount paid or payable for the purchase of as many of the * live stock as you purchased during the income year; and

  (b)   the * value of the rest of the live stock as * trading stock on hand at the start of the income year.