INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-C - Fair value method  

SECTION 230-235   Splitting financial arrangements into 2 financial arrangements  

230-235(1)  
If:


(a) a *financial arrangement is constituted only in part by an asset or liability mentioned in paragraph 230-220(1)(c); and


(b) a *fair value election would apply to the arrangement if it were constituted solely by that asset or liability;

the provisions of this Division (other than this section) apply to the arrangement as if it were instead 2 separate financial arrangements.

230-235(2)  
The 2 separate *financial arrangements are:


(a) one consisting of the part referred to in paragraph (1)(a); and


(b) one consisting of the remaining part.


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