INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-B - The accruals/realisation methods  

Objects of Subdivision

SECTION 230-95   230-95   Objects of this Subdivision  


The objects of this Subdivision are:


(a) to properly recognise gains and losses from *financial arrangements by allocating them to appropriate periods of time; and


(b) to reduce compliance costs by reflecting commercial accounting concepts where appropriate; and


(c) to minimise tax deferral.


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