INCOME TAX ASSESSMENT (LIVE STOCK).
No. 33 of 1924.
An Act relating to the Valuation of Live Stock
for the purposes of Assessments of Income Tax.
[Assented to 8th October, 1924.]
BE it enacted by the King’s Most Excellent Majesty, the Senate, and
the House of Representatives of the Commonwealth of Australia, as follows:—
Short title.
1. This Act may be cited as the Income Tax Assessment (Live Stock) Act 1924.
Value of live stock for the purposes of
assessment.
2.For the purposes of
assessments under the Income Tax
Assessment Act 1915, or under that Act as subsequently amended, live stock
owned by any person at the beginning and end of any of the years upon the
income of which the assessments were made, may, subject to this Act, be taken
into account at the value thereof.
Acceptance of assessment already made.
3.—(1.) Where
the value of live stock has been taken into account in any assessment made
under the Income Tax Assessment Act 1915,
or under that Act as subsequently amended, the person whose income was assessed
may elect, within four months of the commencement of this Act, to have the
assessments made under that Act, or under that Act as subsequently amended,
altered in accordance with the provisions of the last preceding section and the
Commissioner may thereupon make such alterations in the assessments as are necessary
for that purpose.
(2.) Where any person entitled to elect under the
last preceding sub-section fails so to elect within the period specified in
that subsection, he shall be deemed to have accepted the existing assessments
which shall thereupon be deemed to be correct, valid and effectual.
(3.) An election shall not be deemed to have been
made under sub-section (1.) of this section unless notice in writing thereof is
given or posted to the Commissioner of Taxation within the period specified in
that sub-section.
Exemption of cases where judgment of High
Court obtained.
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