Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p65
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 65/79)
Character Range: 2363966–2366465

bad debts in an income year or years during the period specified in paragraph (a) and the trust, or the other entity, could not have claimed the deduction had the election not been in force; or
 (c) a beneficiary of the trust in an income year during the period specified in paragraph (a) received a franked distribution indirectly through the trust and paragraph 207‑150(1)(a) of the Income Tax Assessment Act 1997 would have applied in relation to the distribution had the election not been in force.

Period to vary or revoke the election
 (6B) The trustee of a trust cannot vary or revoke the election under subsections (5A) or (6A) unless the variation or revocation is in respect of an income year that occurs during the period:
 (a) beginning at the beginning of the income year specified in the election and finishing at the end of the fourth income year after the income year specified in the election; or
 (b) beginning at the beginning of the income year in which Schedule 8 to the Tax Laws Amendment (2007 Measures No. 4) Act 2007 commenced and finishing at the end of the subsequent income year.

How to vary or revoke the election
 (7) To revoke an election under subsection (6), the revocation must be made in the trust's return of income for the income year in which the later time occurs. If the trustee is not required to give a return for the income year, the revocation must:
 (a) be in writing and in the approved form; and
 (b) specify the later time; and
 (c) be given to the Commissioner before the end of:
 (i) 2 months after the end of the income year in which the later time occurs; or
 (ii) such later day as the Commissioner allows.
 (8) To vary or revoke an election under subsection (5A), (5C) or (6A), the variation or revocation must be made in the trust's return of income for the income year from which the variation or revocation is to be effective. If the trustee is not required to give a return for the income year, the variation or revocation must:
 (a) be in writing and in the approved form; and
 (b) specify the income year from which the variation or revocation is to be effective; and
 (c) be given to the Commissioner on or before:
 (i) 2 months after the end of that income year; or
 (ii) such later day as the Commissioner allows.

When election is in force
 (9) The election is in force:
 (a) if it is not revoked—at all times after the election commencement time (see subsection (10)); or
 (b) if it is revoked under subsection (6)—at all times from