Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A * foreign exchange retranslation election under subsection 230 - 255(1) ceases to have effect from the start of an income year if you cease to be eligible under subsection 230 - 255(2) to make a foreign exchange retranslation election under subsection 230 - 255(1) for that income year.
(2) Subsection (1) does not prevent you from making a new * foreign exchange retranslation election at a later time if you become, at that later time, eligible under subsection 230 - 255(2), to make a foreign exchange retranslation election under subsection 230 - 255(1) for that 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 * foreign exchange retranslation election under subsection 230 - 255(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 - 265(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 - 265(1)(b) and (c) are satisfied once more in relation to the arrangement).
Election in relation to qualifying forex accounts
(5) A * foreign exchange retranslation election under subsection 230 - 255(3) ceases to apply to a * financial arrangement from the start of an income year if the arrangement ceases to satisfy a requirement of subsection 230 - 255(3) during that income year.
(6) If the election ceases to apply to a particular * financial
arrangement under subsection (5), the election cannot subsequently
reapply to that arrangement (even if the requirements of subsection 230
- 255(3) are satisfied once more in relation to the arrangement).