INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-B - The accruals/realisation methods  

The accruals method

SECTION 230-150   Election for portfolio treatment of fees  

230-150(1)  
You may make an election for an income year under this section if:


(a) you prepare a financial report for the income year in accordance with:


(i) the *accounting principles; or

(ii) if the accounting principles do not apply to the preparation of the financial report - comparable standards for accounting made under a *foreign law that apply to the preparation of the financial report under a foreign law; and


(b) the financial report is audited in accordance with:


(i) the *auditing principles; or

(ii) if the auditing principles do not apply to the auditing of the financial report - comparable standards for auditing made under a foreign law.

230-150(2)  
An election under this section is irrevocable.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.