• Exceptions to the rule

    Attention

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    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    An election for rollover relief under the capital gains tax provisions must normally be made by a CFC, although you can make the election for a wholly-owned CFC. The rules for making these elections are explained in section 3 of part 3.

    Functional currency elections are also an exception to the general rule that allows you to make most elections when working out the attributable income of a CFC - see Choice to use Functional Currency below.

    Last modified: 05 Dec 2006QC 17522