Yes, if certain conditions are met.
It has been acknowledged that, despite deferring any FDT liability arising at the end of the 2001-2002 income year, some late balancing corporate tax entities may still be disadvantaged by the imposition of FDT at the end of their income year.
To alleviate this, the legislation provides an ongoing transitional rule that allows a late balancing entity to choose to have its FDT liability determined on a 30 June basis, rather than at the end of their income year.
This choice to use the ongoing transitional rule will be available for the 2002-2003 and later income years, and is subject to the following conditions being met:
a. The entity must have already been in existence at the end of 30 June 2002
b. The entity's 2001-2002 income year ends after 30 June 2002, and
c. The entity makes a valid election to have its FDT liability determined on a 30 June basis.