Section OE 17 — Income Tax Act 2007: Person choosing to become BETA person

OE 17 Person choosing to become BETA person Election (1) A person who is eligible under section OE 1(2) and who chooses to become a BETA person may make the election for an income year— (a) at any time during the income year; or (b) no later than the day on which the person is required to file a return of income for the income year; or (c) by a later date if the Commissioner allows. Notice (2) The person must notify the Commissioner of the election under subsection (1)— (a) no later than 21 days after the election; or (b) by a later date if the Commissioner allows. Effect of election (3) A BETA person must maintain a branch equivalent tax account from the first day of the income year in which they make the election. Defined in this Act: BETA person , branch equivalent tax account , Commissioner , income year , notify , return of income , Compare: 2004 No 35 s MF 11(1), (2)