Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-I - Other provisions  

SECTION 230-515   Arm ' s length dealings in relation to financial arrangement - adjustment to gain or loss in certain situations  

230-515(1)  
This section applies if:


(a) disregarding this Division, a provision mentioned in subsection (2) makes an adjustment to an amount (including a nil amount) (the relevant amount ); and


(b) the relevant amount is relevant in determining the amount of a gain or loss you make from a *Division 230 financial arrangement.

230-515(2)  
The provisions are as follows:


(a) section 52A of the Income Tax Assessment Act 1936 ;


(b) (Repealed by No 93 of 2011)


(c) Division 16J of Part III of the Income Tax Assessment Act 1936 ;


(d) Division 16K of Part III of the Income Tax Assessment Act 1936 ;


(e) item 3 of the table in subsection 245-65(1) of this Act;


(f) section 775-40 of this Act.

230-515(3)  
In determining the amount of the gain or loss, treat the relevant amount as having been adjusted by the provision mentioned in subsection (2).

230-515(4)  
However, if the circumstances that gave rise to the adjustment result in section 230-510 having the effect of altering the amount of the gain or loss, do not treat the relevant amount as having been adjusted under subsection (3) to the extent of that alteration.


 

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