Income Tax Assessment Act 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

Division 7 - Calculation of attributable income of CFC  

Subdivision B - General modifications of Australian tax law  

SECTION 390   ELECTIONS TO BE MADE BY ELIGIBLE TAXPAYER  

390(1)   [Restrictions as to election]  

For the purpose of applying this Act in calculating the attributable income of the eligible CFC, any declaration, election, choice or selection that may be made, any notice that may be given or any option that may be exercised, under this Act by the eligible CFC apart from this section is not to be made, given or exercised by the eligible CFC but instead may be made, given or exercised by the eligible taxpayer.

390(2)   [Time of election]  

The eligible taxpayer may make the declaration, election or selection, give the notice or exercise the option in the eligible taxpayer's return of income of the year of income in which the eligible period ends or within such further period after the lodgment of the return as the Commissioner allows.

390(3)   [CGT roll-over provisions]  

Subsection (1) does not apply to an election under the CGT roll-over provisions.