Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.270

  (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.