Private ruling: Statutory accounting period election
Published: April 2015

Ruling: A private ruling confirmed a company's statutory accounting period pursuant to section 319 of the Income Tax Assessment Act 1936 . It confirmed that where a statutory accounting period election is made under section 319 during the first year a company becomes a CFC, and the new day is prior to the old day, then the first statutory accounting period using the new day will be from the beginning of the current statutory accounting period until the next new day. For this particular entity, the first statutory accounting period using the new day was from the 1 July 2013 to 31 March 2014.