Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5
Character Range: 7669664–7672176

5                                      a *transferor trust                                                                                                                   work out your attributable income (within the meaning of Division 6AAA of Part III of the Income Tax Assessment Act 1936)                                                                                    (a) if the choice you make under this item is a backdated startup choice (see section 960‑65)—the income year in which you make the choice; or
                                                                                                                                                                                                                                                                                                                                                                                          (b) in any other case—the income year following the one in which you make the choice.

Note: The attributable income of a controlled foreign company is calculated separately for each attributable taxpayer—see section 381 of the Income Tax Assessment Act 1936.
 (2) A choice must be in writing.
 (3) A choice under item 1 of the table in subsection (1) continues in effect until:
 (a) a withdrawal of the choice takes effect (see section 960‑90); or
 (b) immediately after the end of the income year in which you cease to be subject to a requirement to prepare financial reports under section 292 of the Corporations Act 2001;
whichever happens first.
 (4) A choice under item 2, 3, 4 or 5 of the table in subsection (1) continues in effect until a withdrawal of the choice takes effect (see section 960‑90).

960‑61  Functional currency for calculating capital gains and losses on indirect Australian real property interests
 (1) Subsection (2) applies if:
 (a) you are a foreign resident; and
 (b) a *CGT event happens in relation to a *CGT asset that is an *indirect Australian real property interest for you; and
 (c) the sole or predominant currency in which you keep your accounts at the time of the CGT event is a currency other than Australian currency.
 (2) You must use the *applicable functional currency to work out the amount of your *capital gain or *capital loss (if any).

960‑65  Backdated startup choice
  The table has effect:

Backdated startup choice
Item                      In this case:                                                        the choice is a backdated startup choice if...