INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-H - Exceptions  

SECTION 230-450   230-450   Short-term arrangements where non-money amount involved  


This Division does not apply in relation to your gains and losses from a *financial arrangement if:


(a) the arrangement is a financial arrangement under section 230-45; and


(b) either:


(i) you acquired goods or other property (other than goods that are, or property that is, money or a *money equivalent) or services (other than services that are a money equivalent) from another entity and the *financial benefits you are to provide under the arrangement are consideration for those goods, that property, or those services; or

(ii) you provided goods or other property (other than goods that are, or other property that is, money or a money equivalent) or services (other than services that are a money equivalent) to another entity and the financial benefits you are to receive under the arrangement are consideration for those goods, that property or those services; and


(c) the period between the following is not more than 12 months:


(i) the time when you are to provide or receive the consideration (or a substantial proportion of it);

(ii) the time when you acquired or provided the property, goods or services (or a substantial proportion of them); and


(d) the arrangement is not a *derivative financial arrangement for any income year; and


(e) a *fair value election does not apply to the arrangement.


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