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Part 4: What records of elections must you keep?

Last updated 17 May 2020

If you have been required to do any of the following, 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 the Tax Office when working out your attributable income.

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.

Note that the CFC may make an election to vary its statutory accounting period from the standard period ending 30 June.