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

Schedule 8   Taxation of financial arrangements

Part 4   Hedging financial arrangements method

Division 1   One in all in principle

Income Tax Assessment Act 1997
42   After subsection 230-335(3)

Insert:

(3A) Disregard paragraph (3)(d) if subsection (4) is satisfied and:

(a) a *hedging financial arrangement election applies to the *financial arrangement (because you previously satisfied the additional recording requirements mentioned in that paragraph at a time when the election applied); or

(b) all of the following subparagraphs apply:

(i) a hedging financial arrangement election would apply to the financial arrangement if you satisfied the additional recording requirements mentioned in paragraph (3)(d);

(ii) the election and subsection (3) apply to another financial arrangement;

(iii) subsection (4) is or was satisfied in relation to that other arrangement at a time when the election applied to that other arrangement.