Income Tax Assessment Act 1997
Chapter 4 inserted by No 162 of 2001.
Part 4-5 inserted by No 162 of 2001.
Div 775 inserted by No 133 of 2003.
Subdiv 775-D inserted by No 133 of 2003.
You may elect to have this Subdivision apply to one or more *qualifying forex accounts held by you. 775-230(2)
An election must be in writing. 775-230(2A)
(a) you make an election within 30 days after the commencement of this subsection; and
(b) the election is expressed to have come into effect on a specified day; and
(c) the specified day is included in the period:
(i) beginning on 1 July 2003; and
(ii) ending on the day on which the election is made;
the election is taken to have come into effect on the specified day.775-230(3)
An election continues in effect, in relation to a particular account, until:
(a) you cease to hold the account; or
(b) the account ceases to be a *qualifying forex account; or
(c) the election is varied by removing the account; or
(d) a withdrawal of the election takes effect;
whichever happens first.
For variation of election, see section 775-235 .
For withdrawal of election, see section 775-240 .775-230(4)
If an election made by you under this section is in effect, you are not entitled to make another election under this section. 775-230(5)
An *ADI or a *non-ADI financial institution is not entitled to make an election under this section.
S 775-230 inserted by No 133 of 2003.
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