Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.285

General election

  (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).