Section HA 33B — Income Tax Act 2007: Transitional rules for look-through companies, partnerships, and sole traderships

HA 33B Transitional rules for look-through companies, partnerships, and sole traderships LTC election (1) All elections by shareholders under section HA 5 are revoked if, for the company and the relevant shareholders, a LTC election has been received by the Commissioner under section HB 13(3)(c) and (4) (LTC elections) for the first or second income year that starts on or after 1 April 2011. When revocation takes effect (2) The revocation of the elections under subsection (1) takes effect at the beginning of the relevant income year. Notice of intention (3) All elections by shareholders under section HA 5 are revoked if, for the company and the relevant shareholders, a notice of intention has been received by the Commissioner for the first or second income year that starts on or after 1 April 2011 under section HZ 4B(7)(a) or HZ 4D(4)(a) (which relate to transitions to partnerships and sole traderships). When revocation takes effect (4) The revocation of the elections under subsection (3) takes effect at the beginning of the relevant income year. Defined in this Act: Commissioner , , company , , income year , , shareholder Section HA 33B: inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 76(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).