Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 58.65

  (1)   The * transition entity or the purchaser has a choice to work out the first element of the * cost of each * privatised asset.

  (2)   The choice is to use either:

  (a)   the * notional written down value of the asset; or

  (b)   the * undeducted pre - existing audited book value (if any) of the asset.

  (3)   The choice must be made:

  (a)   for the * transition entity--by the day on which the transition entity lodges its * income tax return for the * transition year; or

  (b)   for the purchaser--by the day on which the purchaser lodges the purchaser's income tax return for the * acquisition year;

or within a further period allowed by the Commissioner.

  (4)   The choice, once made, cannot be changed.