Section 139E elections
If you acquired qualifying shares or rights before 1 July 2009, the default taxation position was that you were assessable on any discount given at the cessation time. The former Division 13A rules gave you the opportunity to make an election under section 139E to have the discount given in relation to qualifying shares or rights assessed in the income year of acquisition. When an election is made, it operates to assess the discount given in relation to all qualifying shares and rights you acquired in that year.
Where a taxpayer fails to make the section 139E election either at the right time or in the approved form, they can seek the Commissioner of Taxation's discretion to accept a later election. If the discretion is exercised, the taxpayer may then make the section 139E election to have the discount assessed in the income year of acquisition.
There is no provision in the tax law or any other law administered by the Commissioner for the taxpayer to revoke an election made, nor does the Commissioner have the power to revoke the election.