Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.230

  (1)   You may elect to have this Subdivision apply to one or more * qualifying forex accounts held by you.

  (2)   An election must be in writing.

  (2A)   If:

  (a)   you make an election within 30 days after the commencement of this subsection; and

  (b)   the election 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 election is made;

the election is taken to have come into effect on the specified day.

  (3)   An election continues in effect, in relation to a particular account, until:

  (a)   you cease to hold the account; or

  (b)   the account ceases to be a * qualifying forex account; or

  (c)   the election is varied by removing the account; or

  (d)   a withdrawal of the election takes effect;

whichever happens first.

Note 1:   For variation of election, see section   775 - 235.

Note 2:   For withdrawal of election, see section   775 - 240.

  (4)   If an election made by you under this section is in effect, you are not entitled to make another election under this section.

  (5)   An * ADI or a * non - ADI financial institution is not entitled to make an election under this section.