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

Schedule 8   Taxation of financial arrangements

Part 6   Elective requirements

Income Tax Assessment Act 1997

55   At the end of Subdivision 230-I


230-527 Elections - reporting documents of foreign ADIs

(1) So much of a Statement of Financial Performance and a Statement of Financial Position, given to *APRA by a foreign ADI (within the meaning of the Banking Act 1959) as required under section 13 of the Financial Sector (Collection of Data) Act 2001, as:

(a) cover the activities of an *Australian permanent establishment of the foreign ADI for the year; and

(b) are prepared in accordance with the recognition and measurement standards under the *accounting principles; and

(c) are audited in accordance with the *auditing principles;

are treated, for the purposes of the provisions mentioned in subsection (2), as being a financial report for a year:

(d) prepared by the foreign ADI in accordance with the accounting principles; and

(e) audited in accordance with the auditing principles.

(2) The provisions are as follows:

(a) sections 230-150 to 230-165 (election for portfolio treatment of fees);

(b) sections 230-210 to 230-220 (fair value election);

(c) sections 230-255 to 230-265 (foreign exchange retranslation election);

(d) sections 230-315 to 230-335 (hedging financial arrangement election);

(e) sections 230-395, 230-400, 230-410 and 230-430 (election to rely on financial reports).