HR 9BAElections to treat debt funding special purpose vehicles as transparent

1. An originator makes an election referred to in section HR 9 by—

2. after the formation of the debt funding special purpose vehicle and before the return of income referred to in paragraph (b), notifying the Commissioner that the originator chooses to have the liabilities and obligations referred to in section HR 9 that the special purpose vehicle would have in the absence of the election; or
3. in the originator’s first return of income filed after the first transfer of assets by the originator to the debt funding special purpose vehicle, returning income derived and expenditure incurred by the debt funding special purpose vehicle.

4. An election under this section—

5. cannot be revoked; and
6. has effect from the date on which—
   1. the originator first transferred an asset to the special purpose vehicle; or
   2. an asset first becomes an attributed asset for the originator as described in section HR 9BAA(3); and
7. remains in effect until the relevant company or trustee of a trust stops being a special purpose vehicle.

8. When an originator makes an election under subsection (1) or section HZ 9 (Elections to treat existing debt funding special purpose vehicles as transparent) in relation to an attributed asset referred to in section HR 9(1)(b), no other originator may make an election in relation to that asset.

9. Section HR 10B overrides subsection (2B).

10. This section is overridden by section HZ 9.