Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 250 - Assets put to tax preferred use  

Subdivision 250-E - Taxation of deemed loan  

General rules

SECTION 250-220   Consistency in working out gains or losses (integrity measure)  

Object of section

250-220(1)  
The object of this section is to stop you obtaining an inappropriate tax benefit from not working out your gains and losses in a consistent manner. Consistent treatment for particular financial arrangement

250-220(2)  
If:


(a) this Subdivision provides that a particular method applies to gains or losses you make from the *financial arrangement; and


(b) that method allows you to choose the particular manner in which you apply that method;

you must use that manner consistently for the arrangement for all income years.

Consistent treatment for financial arrangements of essentially the same nature

250-220(3)  
If:


(a) this Subdivision provides that a particular method applies to gains or losses you make from 2 or more *financial arrangements; and


(b) that method allows you to choose the particular manner in which you apply that method;

you must use that same manner consistently for all of those financial arrangements that are essentially of the same nature.


 

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