Section HA 30 — Income Tax Act 2007: When elections take effect

HA 30 When elections take effect When election takes effect (1) In a notice of election made under section HA 5 , an income year later than the year of notice may be nominated as the year in which the election is to take effect and, if so, the election takes effect at the start of that income year. If no income year is nominated in the notice, the election takes effect at the start of the income year after the year of notice. Shareholder’s election after company becomes qualifying company (2) If a shareholder makes an election when the company is already a qualifying company, the election takes effect when the Commissioner receives it. Company’s first income year (3) Despite subsection (1), if the company has not previously been required to provide a return of income, the first income year of the company may be nominated as the year in which the election is to take effect, subject to section HA 5(1B) . The Commissioner must be advised of this decision in the notice of election to be received within the time allowed by section 37 of the Tax Administration Act 1994 for providing a return for the company’s first income year. Election in effect until revoked (4) An election remains in effect until revoked. Defined in this Act: Commissioner , company , income year , notice , qualifying company , return of income , shareholder , Compare: 2004 No 35 ss HG 3(2), (3) , HG 4(4) Section HA 30(3): amended (with effect on 1 April 2010), on 21 December 2010 (applying for income years beginning on or after 1 April 2010), by section 75(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).