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You can make most elections on behalf of a CFC in working out its attributable income. You must make the elections when you lodge your tax return. The Tax Office may extend the time for making the elections.
Lodgment of elections
In the case of companies and superannuation funds, no notice of the election is to be sent to the Tax Office. Only give notice if a taxation officer requests you to do so.
Exceptions to the rule
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 18000