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).