If you have been required to do any of the following when working out your attributable income, you are required to keep a record of having done so:
- make an election
- make a declaration
- make a selection, or
- give certain notices to us.
You are also required to keep a record of a CFC’s election if you are claiming the benefit made either:
- under capital gains tax rollover provisions, or
- due to a change in its statutory accounting period.
The CFC may make an election to vary its statutory accounting period from the standard period ending 30 June.
Part 5 Record keeping for FIF attributable taxpayers
You should maintain records relating to your FIF attribution accounts: for more information, see FIF attribution accounts.
Keeping these records enables you to correctly calculate your entitlement to:
- the exemption of distributions paid out of profits which were previously attributed to you (section 23AK), and
- a reduction of the amount to include in your assessable income after the disposal of a FIF interest (section 23B).