Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 (85 of 2013)

Schedule 8   Taxation of financial arrangements

Part 3   Fair value method

Income Tax Assessment Act 1997

37   At the end of section 230-230

Add:

Subdivision does not apply to extent gains or losses not recognised as at fair value

(4) This Subdivision does not apply to a gain or loss you make from the *financial arrangement, to the extent:

(a) you are required, as mentioned in paragraph 230-220(1)(c), to otherwise treat as at fair value through profit and loss the assets or liabilities that the financial arrangement is; and

(b) the principles or standards referred to in paragraph 230-210(2)(a) do not require you to recognise the gain or loss as at fair value through profit or loss.

Note: See also subsection 230-40(5).