Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision applies only if the originating entity (for a section 713 - 505 case) or the life insurance company (for a section 713 - 510 case) chooses that it apply.
(2) The choice must be made:
(a) by the day the originating entity or the life insurance company, or the head company of the consolidated group of which it is a member, lodges its income tax return for the income year in which the deferral event happened; or
(b) within a further time allowed by the Commissioner.