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As a result of self-assessment, the majority of elections no longer have to be made in writing and lodged with the Commissioner of Taxation.
However, some elections and notifications which affect the taxation treatment of future transactions or events, or which cause the Commissioner to take some action in relation to an assessment, must be in writing and lodged with the Commissioner.
If you elect to use the calculation method, you will not have to lodge a written notice of the election. In making an election, you need to decide which provision of the Act to apply in working out a component of taxable income. You will also need to keep a record which verifies the calculation. These records and the way you worked out taxable income on your tax return will show whether you have made an election.
Last modified: 08 Jun 2005QC 27386