This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
End of attention
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 that affect the taxation treatment of future transactions or events, or that 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 do not have to lodge a written notice of the election. You should decide which provision of the ITAA 1936 to apply in working out a component of taxable income and keep a record that 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: 28 Jun 2007QC 27895