Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.10

    The objects of this Division are:

  (a)   to minimise the extent to which the tax treatment of gains and losses from your * financial arrangements distorts, by providing inappropriate impediments and stimulation, your trading, financing and investment decisions and your risk taking and risk management; and

  (b)   to do so by aligning more closely the tax and commercial recognition of gains and losses from your financial arrangements in the following ways:

  (i)   by allocating the gains and losses to income years throughout the life of your financial arrangements on a reasonable basis;

  (ii)   by generally recognising gains and losses on revenue rather than capital account; and

  (c)   to appropriately take account of, and minimise, your compliance costs.