Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-F - Reliance on financial reports  

SECTION 230-405   Commissioner discretion to waive requirements in paragraphs 230-395(2)(c) and (e)  

230-405(1)  
Paragraph 230-395(2)(c) or (e) does not apply in relation to your *election to rely on financial reports for a particular income year or income years if the Commissioner determines that the paragraph does not apply to the election for that income year or those income years.

230-405(2)  
In deciding whether to make the determination under subsection (1), the Commissioner must have regard to:


(a) the reasons for the non-compliance with the principles or standards concerned; and


(b) the remedial action (if any) that you have undertaken to ensure that non-compliance with those principles or standards does not occur in future (such as changes to your accounting systems and controls or to your internal governance structures); and


(c) if you, or your activities, are subject to regulatory oversight or review - any opinions expressed by the regulator about the adequacy of remedial action of the kind referred to in paragraph (b); and


(d) any other relevant matter.


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