Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-A - Core rules  

Tax treatment of gains and losses from financial arrangements

SECTION 230-30   Treatment of gains and losses related to exempt income and non-assessable non-exempt income  

230-30(1)  
Despite section 230-15 , a gain that you make from a *financial arrangement:


(a) to the extent that it reflects an amount that would be treated, or would reasonably expected to be treated, as *exempt income under a provision of this Act if this Division were disregarded - is exempt income; and


(b) to the extent that it reflects an amount that would be treated or would reasonably expected to be treated, as *non-assesable non-exempt income under a provision of this Act if this Division were disregarded - is not assessable income and is not exempt income.

230-30(2)  
Despite section 230-15 , a gain that you make from a *financial arrangement:


(a) to the extent that, if it had been a loss, you would have made it in gaining or producing *exempt income - is exempt income; and


(b) to the extent to which, if it had been a loss, you would have made it in gaining or producing *non-assessable non-exempt income - is not assessable income and is not exempt income.

230-30(3)  
A loss you make from a *financial arrangement is not allowable as a deduction to you under any provision of this Act (other than subsection 230-15(3) ) to the extent that you make it in gaining or producing your:


(a) *exempt income; or


(b) *non-assessable non-exempt income.


 

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