58LWithdrawal of election

#### 58L Withdrawal of election (1) If: (a) a person has made an election under section 58B (other than an election taken to have been made as a result of the application of subsection 58B(4) or paragraph 58B(5)(h) to a designated company group); and (b) the person’s applicable functional currency has ceased to be the sole or predominant currency in which the person keeps the person’s accounts; the person may withdraw the election with effect from immediately after the end of the financial year in which the person withdraws the election. (2) A withdrawal must be in writing. (3) Withdrawing an election does not prevent the person from making a fresh election under section 58B. Designated company groups—deemed withdrawal of election etc (4) If: (a) a person withdraws an election under section 58B with effect from immediately after the end of the financial year in which the person withdraws the election; and (b) at the time when the withdrawal is made, the person is the head company of a designated company group; each other company in the designated company group is taken to have withdrawn the other company’s section 58B election with effect from immediately after the end of the financial year.