Income Tax Assessment Act 1997



Division 230 - Taxation of financial arrangements  

Subdivision 230-H - Exceptions  

SECTION 230-475   Clarifying exceptions  


To avoid doubt, this Division does not apply to your gains and losses from a *financial arrangement for any income year to the extent that your rights and/or obligations are the subject of an exception under any of the following subsections.

This section is not intended to limit, expand or otherwise affect the operation of sections 230-45 to 230-55 (which tell you what is covered by the concept of financial arrangement ) in relation to rights and/or obligations other than those dealt with in this section. Retirement village and residential or flexible care arrangements

The following rights and obligations are the subject of an exception:

(a) a right or obligation arising under a *retirement village residence contract;

(b) a right or obligation arising under a *retirement village services contract;

(c) a right or obligation arising under an *arrangement under which *residential care or *flexible care is provided.

For the purposes of subsection (3):

(a) a retirement village residence contract is a contract that gives rise to a right to occupy *residential premises in a *retirement village; and

(b) a retirement village services contract is a contract under which a resident of a retirement village is provided with general or personal services in the retirement village.


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