Income Tax Assessment Act 1997



Division 230 - Taxation of financial arrangements  

Subdivision 230-I - Other provisions  

SECTION 230-527   Elections - reporting documents of foreign ADIs  

So much of a Statement of Financial Performance and a Statement of Financial Position, given to * APRA by a foreign ADI (within the meaning of the Banking Act 1959 ) as required under section 13 of the Financial Sector (Collection of Data) Act 2001 , as:

(a) cover the activities of an * Australian permanent establishment of the foreign ADI for the year; and

(b) are prepared in accordance with the recognition and measurement standards under the * accounting principles; and

(c) are audited in accordance with the * auditing principles;

are treated, for the purposes of the provisions mentioned in subsection (2), as being a financial report for a year:

(d) prepared by the foreign ADI in accordance with the accounting principles; and

(e) audited in accordance with the auditing principles.

The provisions are as follows:

(a) sections 230-150 to 230-165 (election for portfolio treatment of fees);

(b) sections 230-210 to 230-220 (fair value election);

(c) sections 230-255 to 230-265 (foreign exchange retranslation election);

(d) sections 230-315 to 230-335 (hedging financial arrangement election);

(e) sections 230-395 , 230-400 , 230-410 and 230-430 (election to rely on financial reports).

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