INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 250 - Assets put to tax preferred use  

Subdivision 250-E - Taxation of deemed loan  

Tax treatment of gains and losses from financial arrangements

SECTION 250-205   Gains are assessable and losses deductible  

Gains

250-205(1)  
Your assessable income includes a gain you make from the *financial arrangement. Losses

250-205(2)  
You can deduct a loss you make from the *financial arrangement, but only to the extent that:


(a) you make it in gaining or producing your assessable income; or


(b) you necessarily make it in carrying on a *business for the purpose of gaining or producing your assessable income.


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