Taxation Laws Amendment Act (No. 2) 1993 (18 of 1993)

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 7   Amendments relating to foreign investment

Subdivision H   Calculation method elections

41   Methods applicable in relation to a FIF

Section 535 of the Principal Act is amended:

(a) by omitting from subsection (3) "subsection (5)" and substituting "subsections (4) and (5)";

(b) by omitting subsection (4) and substituting the following subsection:

"(4) The taxpayer is not entitled to make an election under subsection (3) in relation to a FIF in relation to a notional accounting period ('the current notional accounting period') if:

(a) the taxpayer has made an election under that subsection in relation to the FIF in relation to a previous notional accounting period ending after the day on which the Taxation Laws Amendment Act (No. 2) 1993 receives the Royal Assent; and

(b) the taxpayer has not made an election under that subsection in relation to the FIF in relation to every notional accounting period (if any) in respect of which the operative provision applied that has occurred after the previous notional accounting period and before the current notional accounting period.".