INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-B - The accruals/realisation methods  

The accruals method

SECTION 230-150   Election for portfolio treatment of fees  

230-150(1)  
You may make an election for an income year under this section if:


(a) you prepare a financial report for the income year in accordance with:


(i) the *accounting principles; or

(ii) if the accounting principles do not apply to the preparation of the financial report - comparable standards for accounting made under a *foreign law that apply to the preparation of the financial report under a foreign law; and


(b) the financial report is audited in accordance with:


(i) the *auditing principles; or

(ii) if the auditing principles do not apply to the auditing of the financial report - comparable standards for auditing made under a foreign law.

230-150(2)  
An election under this section is irrevocable.


 

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