Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 960-90 Withdrawal of choice 960-90(1)
The table has effect if you have made a choice under section 960-60 :
| Withdrawal | ||
| Item | In this case: | you may withdraw your choice with effect from immediately after the end of... |
| 1 | (a) you are an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001 ; and | the income year in which you withdraw your choice. |
| (b) your *applicable functional currency has ceased to be the sole or predominant currency in which you keep your accounts (within the meaning of section 960-70) | ||
| 2 | (a) you are an Australian resident carrying on an activity or business at or through an*overseas permanent establishment or a foreign resident carrying on an activity or business at or through an *Australian permanent establishment; and | the income year in which you withdraw your choice. |
| (b) the *applicable functional currency of the permanent establishment has ceased to be the sole or predominant currency in which the establishment keeps its accounts (within the meaning of section 960-70) | ||
| 3 | (a) you are an *offshore banking unit (OBU); and | the income year in which you withdraw your choice. |
| (b) the *applicable functional currency of the OBU has ceased to be the sole or predominant currency in which the OBU keeps its accounts (within the meaning of section 960-70) | ||
| 4 | (a) you are an attributable taxpayer (within the meaning of Part X of the Income Tax Assessment Act 1936 ) of a *controlled foreign company (CFC); and | the CFC ' s *statutory accounting period in which you withdraw your choice. |
| (b) you have made a choice under item 4 of the table in subsection 960-60(1) in relation to the CFC; and | ||
| (c) the *applicable functional currency of the CFC has ceased to be the sole or predominant currency in which the CFC keeps its accounts (within the meaning of section 960-70) | ||
| 5 | (a) you are a *transferor trust; and
(b) the *applicable functional currency of the trust has ceased to be the sole or predominant currency in which the trust keeps its accounts (within the meaning of section 960-70) |
the income year in which you withdraw your choice. |
960-90(2)
A withdrawal must be in writing.
960-90(3)
Withdrawing a choice does not prevent you from making a fresh choice under section 960-60 .
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