The Full Federal Court (Emmett, Siopis and Rares JJ) has upheld an assessment issued to the taxpayer before he sought further time to exercise an election under s 139E ITAA 1936 in respect of an option to buy shares in his employer's holding company. The application to make the election out of time was refused by the Commissioner after the issue of the assessment. If successfully made, an election would have had the result that an additional amount would have been included in the taxpayer's assessable income. The Full Federal Court held that, in the absence of an election, the issue of the assessment "was clearly correct". The correctness of the refusal to grant the extension of time to make the election, a matter reviewable under the Administrative Decisions (Judicial Review ) Act 1997, was not a question before the Court: Isaacs v FCT  FCAFC 105 (Full Federal Court; Emmett, Siopis and Rares JJ; 30 June 2006).
For a copy of the decision, go here