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 250-210   Gain or loss to be taken into account only once under this Act  

Purpose of this section

250-210(1)  
The purpose of this section is to ensure that your gains that are assessable under this Subdivision, and your losses that are deductible under this Subdivision, are taken into account only once under this Act in working out your taxable income. Gain or loss

250-210(2)  
If a gain or loss is, or is to be, included in your assessable income or allowable as a deduction to you for an income year under this Subdivision, the gain or loss is not to be (to any extent):


(a) included in your assessable income; or


(b) allowable as a deduction to you;

under any other provisions of this Act for the same or any other income year.

Associated financial benefits

250-210(3)  
If the amount or value of a *financial benefit is taken into account in working out whether you make, or the amount of, a gain or loss that is, or is to be, included in your assessable income or allowable as a deduction for you for an income year under this Subdivision, the benefit is not to be (to any extent):


(a) included in your assessable income; or


(b) allowable as a deduction to you;

under any other provision of this Act for the same or any other income year.


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