Section EW 8 — Income Tax Act 2007: Election to treat certain excepted financial arrangements as financial arrangements

EW 8 Election to treat certain excepted financial arrangements as financial arrangements Election (1) A person may choose to treat as financial arrangements all the excepted financial arrangements to which the person is a party that are described in any of section EW 5(21) to (25) . Election for class of short-term agreements (2) A person may choose to treat a class of short-term agreements for sale and purchase as financial arrangements. The person must identify the class by— (a) the currency that applies to the agreements; or (b) the term of the agreements; or (c) both the currency and the term. How election made (3) The person makes an election by returning income derived or expenditure incurred under the chosen arrangements under the financial arrangements rules in their return of income. How election revoked (4) The person revokes the election by giving notice to the Commissioner with their return of income and within the time that the return must be filed under section 37 of the Tax Administration Act 1994. Effect of revocation (5) The revocation applies to financial arrangements the person enters into after the income year in which the notice is given. Defined in this Act: Commissioner , excepted financial arrangement , financial arrangement , financial arrangements rules , income , income year , notice , return of income , short-term agreement for sale and purchase , Compare: 2004 No 35 s EW 8