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  • Part 4 What records of elections must you keep?

    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).
      Last modified: 19 Jun 2019QC 58640