Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 (85 of 2013)

Schedule 8   Taxation of financial arrangements

Part 2   Accruals/realisation methods

Division 7   Running balancing adjustments

Income Tax Assessment Act 1997

32   After subsection 230-175(2)

Insert:

(2A) Subsection (2) does not apply to the extent that the difference results from the reversal of an impairment loss (within the meaning of the *accounting principles) that resulted from an impairment (within the meaning of the accounting principles) of:

(a) the *financial arrangement; or

(b) a financial asset or financial liability that forms part of the arrangement.