Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 230.425

When election ceases to apply

  (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.

  (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.

  (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.

  (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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