Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.240

When election ceases to apply

  (1)   A * fair value election ceases to have effect from the start of an income year if you cease to be eligible under subsection   230 - 210(2) to make the fair value election for that income year.

  (2)   Subsection   (1) does not prevent you from making a new * fair value election at a later time if you become, at that later time, eligible under subsection   230 - 210(2) to make a fair value election 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)   A * fair value election ceases to apply to a particular * financial arrangement from the start of an income year if the arrangement ceases to satisfy a requirement of paragraph   230 - 220(1)(b) or (c) during that income year.

  (4)   If the election ceases to apply to a particular * financial arrangement under subsection   (3), the election cannot subsequently reapply to that arrangement (even if the requirements of paragraphs 230 - 220(1)(b) and (c) are satisfied once more in relation to the arrangement).


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback