INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-A - Core rules  

General rules

SECTION 230-80   Consistency in working out gains or losses (integrity measure)  

Object of section

230-80(1)  
The object of this section is to stop you obtaining an inappropriate tax benefit from not working out your gains and losses in a consistent manner. Consistent treatment for particular financial arrangement

230-80(2)  
If:


(a) this Division provides that a particular method applies to gains or losses you have from a *financial arrangement; and


(b) that method allows you to choose the particular manner in which you apply that method;

you must use that manner consistently for the arrangement for all income years.

Consistent treatment for financial arrangements of essentially the same nature

230-80(3)  
If:


(a) this Division provides that a particular method applies to gains or losses you have from 2 or more *financial arrangements; and


(b) that method allows you to choose the particular manner in which you apply that method;

you must use that same manner consistently for all of those financial arrangements that are essentially of the same nature.

230-80(4)  


Subsection (3) does not require you to use that same manner consistently for:


(a) a * financial arrangement that you start to have on or after the time a * Commonwealth law that amends the method is made; and


(b) a financial arrangement that you start to have before that time;

if:


(c) the Commonwealth law allows you to choose to apply the method in a particular manner (being a manner in which you are not, apart from the Commonwealth law, allowed to apply the method); and


(d) the inconsistency is entirely due to you choosing to apply the method in that manner to the financial arrangement mentioned in paragraph (a).


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