Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.47

  (1)   A choice under subsection   820 - 46(3) or (4) can only be made in the * approved form.

  (2)   A choice under subsection   820 - 46(3) or (4) can only be made:

  (a)   on or before the earlier of the following days:

  (i)   the day the entity lodges its * income tax return for the income year;

  (ii)   the day the entity is required to lodge its income tax return for the income year; or

  (b)   a later day allowed by the Commissioner.

  (3)   Subject to subsections   (4) and (4A) of this section, a choice under subsection   820 - 46(3) or (4) cannot be revoked.

  (4)   An entity that makes a choice under subsection   820 - 46(3) or (4) (other than a choice that is taken to have been made under subsection   820 - 46(5)) may revoke the choice if the Commissioner makes a decision to that effect under subsection   (6).

  (4A)   If, under subsection   820 - 46(5), an entity is taken to have made a choice to apply the third party debt test in relation to an income year:

  (a)   the entity may not make a choice under subsection   820 - 46(3) (group ratio test applies) in relation to that income year; and

  (b)   any choice previously made under subsection   820 - 46(3) by the entity in relation to that income year is revoked and taken never to have been made.

  (5)   For the purposes of this Division (other than this section), if a choice is revoked under subsection   (4) or (4A) of this section , the entity is taken to have never made the choice.

  (6)   The Commissioner can decide, in writing, that a specified entity can revoke a specified choice under subsection   820 - 46(3) or (4) (other than a choice that is taken to have been made under subsection   820 - 46(5)) in relation to an income year, if the Commissioner is satisfied that all of the following conditions are satisfied:

  (a)   the entity made the choice;

  (c)   the entity has applied to the Commissioner, in the * approved form, to revoke the choice before the earlier of the following days:

  (i)   the day that is 4 years after the day the entity lodged its * income tax return for the income year;

  (ii)   the day that is 4 years after the day the entity was required to lodge its income tax return for the income year;

  (d)   it is fair and reasonable, having regard to matters the Commissioner considers relevant, to allow the entity to revoke the choice.

  (7)   If the Commissioner makes a decision under subsection   (6), the Commissioner must give a copy of the decision to the entity as soon as practicable.