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Part 4 What records of elections must you keep?

Last updated 18 June 2019

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).