Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-D - Functional currency  

Operative provisions

SECTION 960-65   960-65   Backdated startup choice  


The table has effect:


Backdated startup choice
Item In this case: the choice is a backdated startup choice if...
1 you make a choice under item 1 of the table in subsection 960-60(1) (a) both:

    (i) you were in existence at the start of the income year in which you made the choice; and
  (ii) you make the choice within 90 days after the beginning of that income year or within 30 days after the commencement of this section; or
(b) both:
    (i) you came into existence during the income year in which you made the choice; and
  (ii) you make the choice within 90 days after you came into existence or within 30 days after the commencement of this section.
2 you make a choice under item 2 of the table in subsection 960-60(1) (a) both:

    (i) the permanent establishment was in existence at the start of the income year in which you made the choice; and
  (ii) you make the choice within 90 days after the beginning of that income year or within 30 days after the commencement of this section; or
(b) both:
    (i) the permanent establishment came into existence during the income year in which you made the choice; and
  (ii) you make the choice within 90 days after the permanent establishment came into existence or within 30 days after the commencement of this section.
3 you make a choice under item 3 of the table in subsection 960-60(1) (a) both:

    (i) the *offshore banking unit was in existence at the start of the income year in which you made the choice; and
  (ii) you make the choice within 90 days after the beginning of that income year or within 30 days after the commencement of this section; or
(b) both:
    (i) the offshore banking unit came into existence during the income year in which you made the choice; and
  (ii) you make the choice within 90 days after the offshore banking unit came into existence or within 30 days after the commencement of this section.
4 you make a choice under item 4 of the table in subsection 960-60(1) (a) both:

    (i) you are an attributable taxpayer of the CFC at the beginning of the CFC's *statutory accounting period in which you made the choice; and
  (ii) you make the choice within 90 days after the beginning of the CFC's statutory accounting period or within 30 days after the commencement of this section; or
(b) both:
    (i) you became an attributable taxpayer in relation to the CFC during the CFC's statutory accounting period during which you made the choice; and
  (ii) you make the choice within 90 days after the beginning of the CFC's statutory accounting period or within 30 days after the commencement of this section.
5 you make a choice under item 5 of the table in subsection 960-60(1) you make the choice within 90 days after the beginning of an income year or within 30 days after the commencement of this section.


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