Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 165.115U

    A choice under section   165 - 115U of the Income Tax Assessment Act 1997 to use the global method of working out whether a company has an adjusted unrealised loss at a particular time must be made within 6 months after the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent if:

  (a)   that time is before that day; and

  (b)   subsection   165 - 115U(1D) of that Act would otherwise require the choice to be made before the end of those 6 months.