INCOME TAX ASSESSMENT ACT 1997 - SECT 230.240 When election ceases to apply
INCOME TAX ASSESSMENT ACT 1997 - SECT 230.240
When election ceases to apply(1) A * fair value election ceases to have effect from the start of an income year if you cease to be eligible under subsection 230 - 210(2) to make the fair value election for that income year.
(2) Subsection (1) does not prevent you from making a new * fair value election at a later time if you become, at that later time, eligible under subsection 230 - 210(2) to make a fair value election for an 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 * fair value election ceases to apply to a particular * financial arrangement from the start of an income year if the arrangement ceases to satisfy a requirement of paragraph 230 - 220(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 -
220(1)(b) and (c) are satisfied once more in relation to the arrangement).