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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.270

You may choose retranslation for a qualifying forex account

             (1)  You may choose retranslation for a * qualifying forex account held by you.

          (1A)  A choice under subsection (1) does not apply to a * qualifying forex account held by you if a * foreign exchange retranslation election by you is in effect in relation to the account under Subdivision 230-D.

             (2)  A choice must be in writing.

          (2A)  If:

                     (a)  either:

                              (i)  you make a choice within 30 days after the commencement of the New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 ; or

                             (ii)  you make a choice within 90 days after the commencement of Part 1 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 ; and

                     (b)  the choice 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 choice is made;

the choice is taken to have come into effect on the specified day.

             (3)  A choice continues in effect until:

                     (a)  you cease to hold the account; or

                     (b)  the account ceases to be a * qualifying forex account; or

                     (c)  a withdrawal of the choice takes effect;

whichever happens first.

Note:          For withdrawal of choice, see section 775- 275.



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