Document ID: chunk:federal_register_of_legislation:C2008A00145:clause:2_5:p3
Version: federal_register_of_legislation:C2008A00145
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 3/3)
Character Range: 19740–20948

(4), has effect, for the entity and the item, for the period and each later period.

 (4) The entity may, in writing, revoke a choice under subsection (2). The revocation has effect:
 (a) for each period in the income year for which the entity is next required to lodge an *income tax return; and
 (b) for each later period.

Requirements for such revaluations

 (5) Subsections 820‑680(2) and (2B) apply in relation to a revaluation under subsection (2) in a corresponding way to the way they apply in relation to a revaluation mentioned in paragraph 820‑680(1)(a).

Note 1: Subsections 820‑680(2) and (2B) set out requirements and other matters in relation to revaluations under subsection 820‑680(1).

Note 2: The entity must also keep records in accordance with section 820‑985 about the revaluation.

 (6) When revaluing an asset under subsection (2), the entity must, to the maximum extent possible, comply with the *accounting standards as if the revaluation were allowed by those standards.

Choice not available to ADIs

 (7) An entity cannot make a choice under subsection (2) for a period if, for the period, the entity is an *outward investing entity (ADI) or an *inward investing entity (ADI).