Small investor exemption
Direct interests in FIFs and FLPs
For the small investor exemption, keep a record of how you worked out your aggregate interests and those of your associates in foreign companies, foreign trusts and foreign life policies. The aggregate must show that the amount of those interests is $A50,000 or less at the end of the notional accounting period.
Direct interests in resident public unit trusts
Keep a record of how you and your associates worked out your aggregate interests in any FIFs, FLPs and resident public unit trusts. The aggregate must show that the amount of those interests is $A50,000 or less at the end of the notional accounting period.
Exemption for visitors to Australia
If you are a short-term resident claiming exemption from the FIF measures as an exempt visitor, you must keep your contract of employment, passport, visa information and details of your date of arrival in Australia.
As a result of self-assessment, the majority of elections no longer have to be made in writing and lodged with the Commissioner of Taxation.
However, some elections and notifications that affect the taxation treatment of future transactions or events, or that cause the Commissioner to take some action in relation to an assessment, must be in writing and lodged with the Commissioner.
If you elect to use the calculation method, you do not have to lodge a written notice of the election. Decide which provision of the ITAA 1936 to apply in working out a component of taxable income and keep a record that verifies the calculation. These records and the way you worked out taxable income on your tax return will show whether you have made an election.