CTM21130 | ACT: FID: general: election: procedure for

ICTA88/S246B

A FID election:

• had to be made by notice to the Inspector,

• had to be made before or at the time of payment,

• could not be revoked after the dividend is paid,

• could be revoked by a notice before the dividend is paid.

The election could be made in a letter. This had clearly to identify the dividend to which the election related.

A single notice had to be used where dividends were paid on more than one share.

A late election was not accepted because this affected the company’s shareholders also.

An authorised unit trust did not make an FID election. See ICTA88/S468K (3)(a).