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 960-90   Withdrawal of choice  

960-90(1)  


The table has effect if you have made a choice under section 960-60 :


Withdrawal
Item In this case: you may withdraw your choice with effect from immediately after the end of...
1 (a) you are an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001 ; and the income year in which you withdraw your choice.
(b) your *applicable functional currency has ceased to be the sole or predominant currency in which you keep your accounts (within the meaning of section 960-70)
2 (a) you are an Australian resident carrying on an activity or business at or through an*overseas permanent establishment or a foreign resident carrying on an activity or business at or through an *Australian permanent establishment; and the income year in which you withdraw your choice.
(b) the *applicable functional currency of the permanent establishment has ceased to be the sole or predominant currency in which the establishment keeps its accounts (within the meaning of section 960-70)
3 (a) you are an *offshore banking unit (OBU); and the income year in which you withdraw your choice.
(b) the *applicable functional currency of the OBU has ceased to be the sole or predominant currency in which the OBU keeps its accounts (within the meaning of section 960-70)
4 (a) you are an attributable taxpayer (within the meaning of Part X of the Income Tax Assessment Act 1936 ) of a *controlled foreign company (CFC); and the CFC ' s *statutory accounting period in which you withdraw your choice.
(b) you have made a choice under item 4 of the table in subsection 960-60(1) in relation to the CFC; and
(c) the *applicable functional currency of the CFC has ceased to be the sole or predominant currency in which the CFC keeps its accounts (within the meaning of section 960-70)
5 (a) you are a *transferor trust; and

(b) the *applicable functional currency of the trust has ceased to be the sole or predominant currency in which the trust keeps its accounts (within the meaning of section 960-70)
the income year in which you withdraw your choice.

960-90(2)  
A withdrawal must be in writing.

960-90(3)  
Withdrawing a choice does not prevent you from making a fresh choice under section 960-60 .


 

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