INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-A - Core rules  

Tax treatment of gains and losses from financial arrangements

SECTION 230-20   Gain or loss to be taken into account only once under this Act  

Application of section

230-20(1)  
This section applies to the following:


(a) a gain that is included in your assessable income for an income year under this Division;


(b) a loss that is allowable as a deduction to you for an income year under this Division;


(c) a gain or a loss that is dealt with in accordance with subsection 230-310(4) in relation to an income year. Purpose of this section

230-20(2)  
The purpose of this section is to ensure that your gains and losses, and *financial benefits, to which this section applies are taken into account only once under this Act in working out your taxable income. Gain or loss to be taken into account only once

230-20(3)  
A gain or loss to which this section applies is not to be (to any extent):


(a) included in your assessable income; or


(b) allowable as a deduction to you; or


(c) dealt with in accordance with subsection 230-310(4) ;

again under this Division for the same or any other income year.

230-20(4)  
A gain or loss to which this section applies is not to be (to any extent):


(a) included in your assessable income; or


(b) allowable as a deduction to you;

under any provisions of this Act outside this Division for the same or any other income year.

Section does not give rise to exempt income

230-20(5)  
A gain is not to be treated as *exempt income merely because it is not included in your assessable income under this section.


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