(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.
(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.