Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 (85 of 2013)
Schedule 8 Taxation of financial arrangements
Part 2 Accruals/realisation methods
Division 6 Impairments and reversals
Income Tax Assessment Act 1997
27 After subsection 230-130(4)
(4A) This subsection applies to a gain or loss to which subsection (3) applies, if:
(a) there is an impairment (within the meaning of the *accounting principles) of:
(i) the *financial arrangement; or
(ii) a financial asset or financial liability that forms part of the arrangement; and
(b) because of the impairment, you make a reassessment under section 230-185 in relation to the arrangement; and
(c) you determine on the reassessment that the gain or loss is not sufficiently certain (whether or not the gain or loss was sufficiently certain before the reassessment); and
(d) there is a reversal of the impairment loss (within the meaning of the accounting principles) that resulted from the impairment; and
(e) because of the reversal, you make a reassessment under section 230-185 in relation to the arrangement; and
(f) you determine on the reassessment that the gain or loss has become sufficiently certain.
Note: For the income years to which the gain or loss is allocated, see section 230-170.