ACT: FID: general: election: procedure for
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).