Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-E - Hedging financial arrangements method  

SECTION 230-320   Hedging financial arrangement election where differing income and accounting years  

230-320(1)  
This section applies if:


(a) you prepare a financial report for a year (the first year ); and


(b) you prepare a financial report for the subsequent year (the second year ); and


(c) your income year starts in the first year and ends in the second year; and


(d) both the financial report for the first year and the financial report for the second year are:


(i) prepared in accordance with paragraph 230-315(2)(a) ; and

(ii) audited in accordance with paragraph 230-315(2)(b) ; and


(e) the auditor ' s reports are unqualified for both the financial report for the first year and the financial report for the second year.

230-320(2)  
Treat yourself as eligible to make an election for the income year under subsection 230-315(2) .


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