(1) An election, and a withdrawal of an election, referred to in this Part shall be made on a top-up tax information return prepared and delivered in accordance with section 111AAI on or before the specified return date for the fiscal year in respect of which the election or the withdrawal relates.
(a) Subject to subsection (5), the elections referred to in column (1) of the Table to this section shall have effect for a period of 5 fiscal years, (in this subsection referred to as 'the effective period'), beginning on the first day of the fiscal year in respect of which the election is made, and remain in effect for subsequent effective periods, other than where the filing constituent entity withdraws the election on the top-up tax information return in respect of the fiscal year beginning immediately after the end of an effective period.
(b) The withdrawal of an election referred to in paragraph (a) shall be in effect for an effective period beginning on the first day of the fiscal
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