Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p63
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 63/79)
Character Range: 2359304–2361844

the one in which the election is made if:
 (a) at all times in the period from the beginning of the specified income year until 30 June in the income year before the one during which the election is made, the trust passes the family control test (see section 272‑87); and
 (b) either:
 (i) any conferrals of present entitlement to income or capital of the trust made by the trustee during that period have been made on; or
 (ii) any distributions of income or capital of the trust made by the trustee during that period have been made to;
  the individual specified in the election or members of that individual's family group.

Election generally cannot be varied or revoked
 (5) Subject to subsections (5A), (5B), (5C), (6) and (6A), the election cannot be varied or revoked.

Variation cases
 (5A) The trustee of a trust may, in respect of an income year during the period specified in subsection (6B), vary an election so that a different individual (the new individual) is specified for the purposes of subsection (3) as the individual whose family group is to be taken into account in relation to the election if:
 (a) the new individual was a member of the family of the individual originally specified in the election at the election commencement time; and
 (b) any conferrals of present entitlement to income or capital of:
 (i) the trust; and
 (ii) an entity for which an interposed entity election has been made in relation to the trust;
  during the period in which the election has been in force have been made on the new individual or on persons who would have been members of the new individual's family group at the time of the conferral; and
 (c) any distributions of income or capital of:
 (i) the trust; and
 (ii) an entity for which an interposed entity election has been made in relation to the trust;
  during the period in which the election has been in force have been made to the new individual or to persons who would have been members of the new individual's family group at the time of the distribution.
 (5B) A variation of an election under subsection (5A) in relation to a trust can only be made once.
 (5C) The trustee of a trust may vary an election so that a different individual (the new individual) is specified for the purposes of subsection (3) as the individual whose family group is to be taken into account in relation to the election if:
 (a) an order; or
 (b) an agreement; or
 (c) an award;
of a kind mentioned in paragraphs 126‑5(1)(a) to (f) of the Income Tax Assessment Act 1997 results in the