To be a valid election for the purposes of allowing a late balancing corporate tax entity to access the ongoing transitional rule, which allows the entity to have its FDT liability determined on a 30 June basis, the following conditions must be met:
a. The election should be in writing
b. The election should be made on or before 30 June for each of the income years in which the corporate tax entity wants to have its FDT liability determined on a 30 June basis, and
c. The entity has not previously determined its FDT liability at the end of its income year.
Note: This election does not have to be lodged with the Australian Taxation Office.
End of attention