Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-F - Reliance on financial reports  

SECTION 230-425   When election ceases to apply  

230-425(1)  
An election under subsection 230-395(1) ceases to have effect from the start of an income year if you cease to be eligible to make an *election to rely on financial reports for that income year.

230-425(2)  
Subsection (1) does not prevent you from making a new election under subsection 230-395(1) at a later time if you become, at that later time, eligible to make an *election to rely on financial reports for an income year.

Note:

The new election will only apply to financial arrangements you start to have after the start of the income year in which the new election is made.

230-425(3)  
An election under subsection 230-395(1) ceases to apply to a *financial arrangement from the start of an income year if the arrangement ceases to satisfy a requirement of paragraph 230-410(1)(c) , (d), (e) or (f) during that income year.

230-425(4)  
If the election ceases to apply to a particular *financial arrangement under subsection (3), the election cannot subsequently apply to that arrangement (even if the requirements of paragraphs 230-410(1)(c) , (d), (e) and (f) are satisfied once more in relation to the arrangement).


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